Crypto markets experienced a dip on Thursday as traders decided to lock in profits after a recent rally. While Bitcoin managed to maintain its position at $93,000, other cryptocurrencies saw a decline. XRP, Ether, and SOL dropped by over 2%, with Dogecoin experiencing the biggest loss of over 5%. Currently, XRP is trading at $2.16, down over 4% in the past day.
According to Bitget’s Ryan Lee, Bitcoin is facing resistance near $91,275. If ETF inflows do not increase or if Bitcoin fails to break the $95,000 mark, there is a possibility of a pullback to the range of $85,000 to $90,000. Traders are closely monitoring macro trends and liquidity to determine their next moves.
Analysts are keeping a close eye on XRP as it breaches a major resistance level at $2.24. This level is considered a key retracement level that signals the start of a strong uptrend. Although XRP faced a brief rejection from this level, some analysts believe it could just be a healthy pullback rather than a sign of weakness. Analyst Casi suggests that the recent momentum could indicate a new trend and expects new highs. The key levels to watch for are now less likely at $2.24, $1.90, and $1.55, which could potentially act as the launchpad for Wave 3 of a bigger move.
In the case of Bitcoin, it has been continually testing the $95,000 mark and then pulling back to $92,000. If Bitcoin manages to break above $95,000, it could be an indication of new highs reaching towards $126,000. Analyst Ali Martinez shared that Bitcoin is currently testing its yearly open at $93,548, which used to act as strong support. However, it might now act as resistance, potentially making it more difficult for the price to move higher. Another analyst, Crypto Rover, shared the most bullish chart he has ever seen for Bitcoin.
Analyst Egrag Crypto is also bullish on XRP and believes it is following a similar pattern to the 2017 bull run. He predicts XRP to hit $27 soon and then soar to $120 in the next cycle.
FAQs:
1. Why is the crypto market down today?
The market dipped by 2.5% due to profit-taking after a strong rally. There were no major negative news triggers for the sell-off.
2. Is XRP still in a bullish trend?
Yes, analysts view XRP’s pullback from $2.24 as a healthy correction. They see potential for XRP to launch Wave 3 and reach $27 or even $120 in the long-term.
3. Why is Bitcoin struggling to break $95,000?
Bitcoin is facing resistance near $95,000 due to low ETF inflows and macro uncertainty. This could potentially lead to a pullback to the range of $85,000 to $90,000.
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