XRP struggles to hold a break above its 50-day EMA at $2.20, with a rejection suggesting potential short-term weakness.
Bitcoin (BTC) is hovering around $107,000 on Friday, just 4% from its all-time highs. Meanwhile, Ethereum (ETH) and Ripple (XRP) are approaching their major resistance zone, and a breakout here could spark renewed interest and potential gains on the horizon.
Bitcoin price declined, reaching a daily low of $98,200 on Sunday, but avoided a daily close below the $100,000 psychological level. BTC recovered sharply on Monday and continued its recovery over the next two days, closing above $107,000 on Wednesday and stabilizing the next day. At the time of writing on Friday, it hovers around $107,000.
If BTC continues its ongoing rally, it could extend the rally toward its May 22 all-time high at $111,980. A successful close above this level could extend additional gains to set a new all-time high at $120,000.
The Relative Strength Index (RSI) on the daily chart reads 55, above its neutral level of 50, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) indicator also displayed a bullish crossover on Thursday, providing a buy signal and indicating an upward trend.
However, if BTC faces a correction, it could extend the decline to find support around its 50-day Exponential Moving Average (EMA) at $103,700.
Ethereum price has recovered nearly 10% over the last two days, since Monday, and hovered below its key resistance level at $2,461 until Thursday. At the time of writing on Friday, it continues to hover below this key resistance level.
If ETH breaks and closes above the $2,461 daily resistance, it could extend the rally toward its next daily resistance level at $2,724.
The RSI on the daily chart is approaching its neutral level of 50, indicating a fading bearish momentum. For the bullish momentum to be sustained, the RSI must move above its neutral level. The MACD is hinting at a bullish crossover (the MACD line is close to crossing above the signal line), which, if completed, would give a buy signal.
On the other hand, if ETH faces a rejection from the $2,461 level, it could extend the decline to retest its Sunday low of $2,111.
Ripple price found support around its daily level at $1.96 on Monday and recovered nearly 9%. However, it faced rejection from its 50-day EMA and declined 3.68% until Thursday. At the time of writing on Friday, it hovers at around $2.10.
If XRP breaks and closes above its 50-day EMA at $2.21 on a daily basis, it could extend the rally toward its May 23 high of $2.47.
The RSI on the daily chart read 44 below its neutral level of 50, indicating bearish momentum.
For the bullish momentum to be sustained, the RSI should continue to move above its neutral level. The MACD indicator also coils against itself, indicating indecisiveness among traders.
Conversely, if XRP continues its decline, it could extend the correction to retest its daily support at $1.96.
