. Daily Crypto Analysis - XRP Resists, Ethereum Soars, Bitcoin's Volatility.

Daily Crypto Analysis – XRP Resists, Ethereum Soars, Bitcoin’s Volatility.

Daily Crypto Analysis – XRP Resists, Ethereum Soars, Bitcoin’s Volatility.

28 Dec 2023

Introduction:

In the dynamic world of cryptocurrencies, Ripple’s XRP faces consolidation after a critical resistance breach failure, despite Binance’s Ripple-USDC listing announcement. Meanwhile, Ethereum (ETH) is poised for a surge, potentially reaching $2,550, supported by a confirmed bullish pattern. Bitcoin shows a modest rally, hinting at sustained volatility, while the Solana market displays weakness with technical indicators pointing to a potential price dip. XRP, Ethereum, Bitcoin, and Solana present varied dynamics in the ever-evolving crypto landscape.

Ripple:

XRP price consolidates after failing a crucial breach even as Binance announces of the Ripple-USDC listing.

XRP price, for the second time in the last two weeks, fell short of breaking the $0.644 resistance and is currently trading at $0.631. While there is a general deceleration in bullish sentiment across the broader market, prices are holding above the $0.600 mark.

XRP price is in a sluggish phase, experiencing minimal growth since the mid-November 19% crash. External factors are not playing a significant role, as Ripple has not participated in any notable rally, even with the introduction of a new XRP trading pair on Binance Spot.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.627 | Positive Crossover | Bullish
  • MA 20: 0.614| Positive Crossover | Bullish
  • MA 50: 0.609| Positive Crossover | Bullish

Simple:

  • MA 5: 0.624 | Positive Crossover | Bullish
  • MA 20: 0.614| Positive Crossover | Bullish
  • MA 50: 0.609| Positive Crossover | Bullish

RSI (Relative Strength Index): 61.99| Buy Zone |Bullish

Stochastic Oscillator: 70.03| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 0.636| R2: 0.687
  • S1: 0.607| S2: 0.568

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 0.644 | Take Profit: 0.687 | Stop Loss: 0.620.

Ethereum:

ETH is poised to experience a surge, potentially reaching $2,550, following its recent bullish breakout.

The Ethereum price has confirmed the bullish inverse head and shoulders formation, a recognized positive pattern. In the short term, ETH is expected to undergo another 5% increase, aligning with the target price specified by the pattern.

Recently surpassing a significant resistance level at $2,334, Ethereum is currently trading at $2,433. This price threshold is crucial in the context of a well-known bullish pattern called the inverse head and shoulders formation.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 2345.76 | Positive Crossover | Bullish
  • MA 20: 2289.15| Positive Crossover | Bullish
  • MA 50: 2248.89| Positive Crossover | Bullish

Simple:

  • MA 5: 2330.05 | Positive Crossover | Bullish
  • MA 20: 2289.08| Positive Crossover | Bullish
  • MA 50: 2248.86| Positive Crossover | Bullish

RSI (Relative Strength Index): 66.96| Buy Zone |Bullish

Stochastic Oscillator: 100| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 2392.71| R2: 2574.66
  • S1: 2236.76| S2: 2116.55

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Stop Buy: 2421.96 | Take Profit: 2574.66 | Stop Loss: 2324.49.

Elsewhere In the Crypto Market

The Bitcoin market experienced a moderate upswing in Wednesday’s trading session, suggesting a continuation of the ongoing volatile trend. The SOL market is showing signs of weakness, with technical indicators suggesting a potential decline in the price of Solana.

Bitcoin is down (0.3%) at 43,747, Ethereum is up (3.41%) at 2,316.4, Litecoin is up (1.22%) at 76.98, Solana is down (5.55%) at 105.20, Dogecoin is up at (1.30%) at 0.93 as of writing time.

Key Economic Events & Data Release Today:

(JPY) Industrial Production (MoM) (Nov) Actual –0.9, Forecast –0.6%, Previous 1.3% at 05:20.

(JPY) Retail Sales (YoY) (Nov) Actual 5.3%, Forecast 5.0%, Previous 4.2% at 5:20.

(USD) Initial Jobless Claims Forecast 210K, Previous 205K at 19:00.

(USD) Pending Home Sales (MoM) (Nov) Forecast 1.0%, Previous –1.5% at 20:30.

(USD) Crude Oil Inventories Forecast –2.704M, Previous 2.909M at 21:30.