XRP steadies around $2.23, pausing after a 6% correction in the previous week.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) begin the week on a cautious note, trading near their respective support levels. Market sentiment remains fragile following last week’s volatility, with BTC, ETH, and XRP correcting by nearly 10%, 14%, and 7%, respectively. If these three cryptocurrencies hold their support levels, BTC, ETH, and XRP could extend their recoveries.
Bitcoin price faced rejection at the 38.20% Fibonacci retracement level at $106,453 (drawn from the April 7 low of $74,508 to the all-time high of $126,299 set on October 6) last week and declined nearly 10%. At the time of writing on Monday, BTC hovers around $95,300.
If BTC finds support around the 61.8% Fibonacci retracement level at $94,253, it could extend the recovery toward the 38.20% Fibonacci retracement level at $106,453.
The Relative Strength Index (RSI) on the daily chart is 33, rebounding from oversold territory, suggesting fading bearish momentum. For the recovery rally to be sustained, the RSI must move above its neutral level.
On the other hand, if BTC closes below the $94,253 support level, it could extend the decline toward the key psychological level of $90,000.
Ethereum price faced rejection at the previous broken trendline around $3,592 last week and declined by nearly 14%. At the time of writing on Monday, ETH hovers around $3,100.
If ETH finds support around $3,017, it could extend the recovery toward the key resistance level at $3,592.
Like Bitcoin, Ethereum’s RSI is rebounding from oversold territory, suggesting fading bearish momentum and early signs of recovery.
However, if ETH closes below $3,017, it could extend the decline toward the next key support at $2,749.
XRP price found rejection from the 50-day EMA at $2.49 last week and declined nearly 7%. At the time of writing on Monday, XRP hovers around $2.25.
If XRP continues its recovery, it could extend the rally toward the 50-day EMA at $2.49.
The RSI on the daily chart is 42, near its neutral level of 50, suggesting fading bearish momentum. For the recovery rally to be sustained, the RSI must move above the neutral level.
However, if XRP continues its correction, it could extend the decline toward the next daily support at $1.96.
