The cryptocurrency market has been through a significant drop with Bitcoin and Ethereum being some of the most affected. Bitcoin’s price dropped below $66,000 during Monday’s trading session, continuing the previous week’s decline due to new US economic figures affecting its previous positive performance. Likewise, Ethereum also exhibited a bearish trend, which was a common trend in the market at the time.

As of now, Bitcoin is at around $65,000 and Ethereum is also experiencing a correction. This is a general trend in the market, where even strong coins such as XRP, which was able to achieve a slight increase in its value, could not avoid the general negative trend. The total crypto market capitalization has declined by 3.14% to $2.35 trillion, with trading volume reaching $94.07 billion, which indicates that there is a high level of liquidation in different crypto assets.

Technical Analysis of Bitcoin and Ethereum

In the 1-hour chart, the price movement of Bitcoin has been mostly bearish after touching recent high levels, with the resistance level at $66,914 and the support level at $65,521. The corresponding high trading volumes suggest that there is a lot of selling pressure, which may be followed by more declines. The 4-hour chart supports this view, with resistance at $70,007 and support at $64,936, which indicates that the market may consolidate around these lower levels if bullish signals are given.

Ethereum’s price fluctuations are similar to those of Bitcoin, and both cryptocurrencies are sensitive to changes in the overall economy and the most recent monetary policy decisions made by the U. S. Federal Reserve. One of the key factors that have been attributed to the market sensitivity and subsequent declines is the Fed’s decision to keep interest rates intact.

The Stability and Market Standing of XRP

However, XRP has been relatively stable in the market which is generally bearish at the moment. The cryptocurrency has kept its price around $0.50, with support set up at $0.4700. After a brief drop below this level XRP is indicating more upside if it can remain near the critical $0.50 level.

This stability is quite remarkable given the sharp downturns witnessed in some of the largest cryptocurrencies such as Bitcoin and Ethereum. XRP’s stability is observed especially at $0.4700 support level, where it has always been met with buying interest. The price recently recovered from this level and started trading at around $0.4800, which indicates a strong buying zone that has capped the downside,” he added.

A closer look at the hourly chart of XRP shows that there is a possibility of an upward trend. After falling to the $0.4700 mark, XRP has risen, crossing the $0.4750 and $0.4820 resistance levels. This rebound is supported by its recent breakout above the 100-hourly Simple Moving Average, a level that usually signifies improving sentiment among short-term traders. 

At the moment, the price is testing the resistance near $0.4950, with the next major resistance at $0.500. If XRP can maintain this kind of performance and break through these levels, it could aim for even higher resistance levels at $0.520 and beyond. On the other hand, if it cannot sustain above $0.4820 support in future sessions, there could be a possibility of a pull back to lower support levels.