XRP closes below the daily support at $2.35, signaling potential for further downside ahead.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure at the time of writing on Friday after extending the losses nearly 5%, 6%, and 7%, respectively. BTC struggles near $108,000 while ETH and XRP close below their key supports, suggesting the potential for further downside in the near term.
Bitcoin price faced rejection from the 50-day Exponential Moving Average (EMA) at $114,822 on Tuesday and declined by nearly 6% until Thursday, closing below the ascending trendline. At the time of writing on Friday, BTC hovers at around $109,000.
If BTC continues its correction and closes below the 200-day EMA at $108,070, it could extend the decline toward the October 10 low of $102,000.
The Relative Strength Index (RSI) indicator at 39 on the daily chart suggests that bearish momentum is gaining traction. Additionally, the Moving Average Convergence Divergence (MACD) showed a bearish crossover last week, which remains in effect, further supporting the bearish view.
On the other side, if BTC recovers, it could extend the recovery toward the 50-day EMA at $114,822.
Ethereum price faced rejection from the daily resistance level at $4,232, which roughly coincides with the 50-day EMA and the 78.6% Fibonacci retracement level on Tuesday and declined 8.88% by Thursday. At the time of writing on Friday, ETH hovers around $3,900.
If ETH continues its pullback, it could extend the decline toward the 61.8% Fibonacci retracement level at $3,953.
However, if ETH recovers, it could extend the recovery toward the daily resistance level at $4,232.
Ripple price found resistance around the lower trendline of a falling wedge pattern on Tuesday and declined nearly 11% by Thursday, closing below the daily support at $2.35. At the time of writing on Friday, XRP hovers around $2.35.
If XRP continues its correction, it could extend the decline toward the next daily support at $1.96.
On the other hand, if XRP recovers, it could extend the recovery toward the 200-day EMA at $2.62.
