XRP is showing resilience at a critical price level, even as Dogecoin’s recent rally fades. The digital asset has experienced a significant decline of 25% this month, dropping from $3.40 in mid-January to its current value of $2.28, according to CoinMarketCap data.
Despite the ongoing market downturn, with Bitcoin leading the losses, XRP has managed to maintain its support above the $2 mark. However, this level may not hold if the broader cryptocurrency market sees further sell-offs, especially with the onset of Asian trading hours tomorrow.
On a positive note, XRP remains above the 38.2% Fibonacci retracement level, a key technical indicator where prices often experience a rebound. The chart suggests there’s still hope for a recovery if the support holds.
Meanwhile, Dogecoin is showing signs of weakness. After a massive rally that saw its price surge from $0.10 in October to $0.484 in December, DOGE has now fallen back below the $0.21 mark, erasing over 70% of its gains. The altcoin has dropped below the 61.8% Fibonacci retracement level, a typical point where bearish reversals occur, signaling a potential shift in market sentiment.
In summary, while XRP holds steady above its critical support, Dogecoin appears to be losing momentum, reflecting the broader volatility in the cryptocurrency market.
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