XRP on Brink of Collapse, Ethereum Targets $2K
XRP is struggling to maintain its recent recovery attempt and may soon break through a crucial psychological support level of $1.00. The asset's inability to withstand pressure has led to a breakdown from a tightening symmetrical triangle, with XRP currently trading near $1.06.
The technical picture remains poor for XRP, with moving averages still above its current price. The 20-day exponential moving average (EMA) is acting as dynamic resistance, preventing buyers from gaining momentum to reverse the market structure.
On the other hand, Ethereum has continued to rise, setting itself up for another attempt to reclaim $2,000. Despite a slight decline, ETH remains above its rising 20-day EMA at $1,845 and is consolidating just under resistance.