In this article we are going to discuss the latest moves on BTC, XRP and ETH. The market this weekend acted bearish for BTC and ETH, meanwhile XRP remained on a bullish trend. The charts below will be explained for each Cryptocurrency. Our main topic will be about the huge speculations around XRP since the latest group on Telegram have been formed.
XRP
Since the huge pump of approximately 85%. Certain hype was formed around XRP in these days, aiming for targets that surpass 300% increase. In the chart below you can observe the XRPUSDT chart on BINANCE Exchange.
In this chart, since XRP broke out of the first resistance level of 0.3320$, XRP's price was able to reach almost 0.52$ but for less than 30 minutes. Since this huge pump, XRP has been trading in an ascending triangle, with a resistance on 0.46$, which XRP was able to break but came back to previous levels after the latest Bitcoin move.
Although XRP dropped from almost 0.52$ back to 0.43$, XRP was able to retest this trend line acting as a massive support for the price action. Reclaiming 0.46-0.47$ levels will eventually lead XRP to retest 0.52$ area.
On the other hand, this pump on XRP doesn't have any relation with the fundamentals of XRP, it is simply formed by a group planning to skyrocket XRP tomorrow the 1st of February 2021 aiming to break 1$. Meanwhile it is important to take a look on the selling order book of XRP on main exchanges. Crucial levels will be around 0.7-0.8 and 1-1.2$ with huge amount of coins listed for selling.
Bitcoin
Bitcoin recently broke out of the ascending wedge, which had to hold 33970$ price as a support. Failing to hold this support line took BTC deeper, to retest 32000-32500 support and accumulation zone.
In this chart you can observe the previous trend line being broken, the first support area of 32579$ being tested and until this moment it held the situation perfectly. Not being able to hold this level will lead us back to range between 31000-32300$ levels. First serious resistance to face is around 34454$ and then 36519$.
Ethereum
Ethereum also followed BTC as it went lower this time. Ethereum broke the trend line, retested the trend line and kept going down. Buyers were not able to hold the first support level of 1337$ so ETH tested the second support of 1293-1295$ levels. Until this moment this support level is holding the price action which will lead this zone to be an accumulation zone.
Holding this resistance line will take us a leg up again to retest 1337$ and if it is broken, the next resistance level will be around 1428$.
But in case ETH fails to hold 1290$, price might reach 1258$ and 1223$.
This was a brief technical analysis of 3 major coins, thanks for your attention, please remember to trade wisely, follow the trend or wait for reversals.
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