XRP Still Facing Major Hurdles
XRP (XRP), the payments-focused cryptocurrency, jumped 11% on Thursday, breaking out of what appears to be a bull flag pattern — a signal of potential renewed upside momentum. However, the move remains inconclusive as prices are still well below the key $3.65 resistance level, where a bearish tweezer top pattern formed last month.
A tweezer top occurs when two consecutive candles share the same high, marking a strong rejection point — in this case, $3.65. It’s as if the market attempted to push higher twice but hit the same wall of selling pressure, halting upward momentum. For bulls, clearing $3.65 is crucial to invalidating this bearish reversal signal.
That task may be challenging. On-chain metrics show that many holders are sitting on significant unrealized gains, increasing the likelihood of selling at current levels.
“The #XRP Net Unrealized Profit/Loss (NUPL) is at highs not seen since 2021, matching levels from 2018. Historically, such readings mark periods where profit-taking and price pullbacks are common,” noted research firm Alphractal on X.
Key Levels
Resistance: $3.38, $3.65, $4.00
Support: $2.99, $2.72, $2.65
Bitcoin: Eyeing the Next Breakout
Bitcoin (BTC) is currently pulling back in a descending channel (white lines) within its broader uptrend (yellow lines) — a typical consolidation pattern that often precedes further gains.
The recent bounce off the 50-day Simple Moving Average (SMA) adds weight to the idea that this is a “healthy pause” rather than a trend reversal. While the short-term bias is corrective, the overall momentum still points higher.
A confirmed breakout from the descending channel could pave the way for fresh record highs above $123,000. On the other hand, a drop below the May high of $111,965 would raise the risk of a deeper retracement toward $100,000.
Key Levels
Resistance: $120,000, $122,056, $123,181
Support: $111,965, $104,562, $100,000
Ether: Major Bullish Breakout
Ether (ETH) has surged past $4,200 — levels last seen four years ago — after breaking out of a multi-year symmetrical triangle that has contained price action since late 2021’s all-time high.
Such a long-term breakout signals the start of a powerful new uptrend, opening the door for a retest of the record highs above $4,800.
Key Levels
Resistance: $4,400, $4,875, $5,000
Support: $4,000, $3,941, $3,737
