XRP’s Dip Below $3

XRP’s official departure from $3 was finalized today, marking a bearish milestone. It is currently trading around $2.92, down from a July peak of over $3.70. The pattern shows $3 is no longer a crucial barrier, and bullish momentum has waned.

The 26 EMA has been breached, with price experiencing minimal resistance to downward pressure. Moderate volume during this correction suggests a lack of panic but also limited buying interest. The RSI is lingering in the high 40s, signaling waning momentum and confirming a downward trend.

Investor Implications

For investors, the $3 narrative should be abandoned as several retests have failed to hold this level, indicating it now serves as resistance. Key support is now in the $2.70-$2.60 range, coinciding with the 50 EMA. If XRP finds support here, a retest of $2.30-$2.20 could occur; if that fails, a deeper decline may happen. Holding onto old price points could hinder rational decision-making.

Ethereum Takes a Hit

Ethereum peaked just below $4,000 and has entered a necessary correction phase. Given the overheated RSI reaching 78, the recent downtrend is expected. Ethereum has dropped nearly 10% from its peak, currently trading around $3,620.

The 26 EMA is a critical support level now approaching around $3,480. Consistent selling pressure indicates a cooldown rather than panic. Should the 26 EMA hold, ETH might stabilize or build momentum for further rises. If it fails, the $3,000 level, near the 50 EMA, will be critical.

Bitcoin Tumbles Down

Bitcoin has lost the $120,000 threshold, now seen more as a ceiling. Currently trading at about $114,798, it has declined over 7% from the peak. The rejection at this level indicates a shift in sentiment. The RSI has fallen below 60, signaling diminished buying interest.

The 26 EMA, just above $111,800, is now vital support. Bitcoin must recover from this level to avoid further declines towards the 50 EMA near $107,000. Macroeconomic factors contribute to this downward trend, and without a strong rebound, further consolidation or declines may occur.

Conclusion

In conclusion, $120,000 is no longer a realistic target for Bitcoin. A solid recovery is needed for bulls to regain confidence and maintain essential support.