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XRP Makes Comeback for Survival, Shiba Inu (SHIB) Has No Ground Under Its Feet, Solana (SOL) Downtrend Becoming Scary
The crypto market has been experiencing a rollercoaster ride in recent times. Today, XRP seems to be making a comeback attempt, trying to regain its ground after a prolonged bearish trend. On the other hand, Shiba Inu (SHIB) continues to struggle with no hope of recovery in sight, while Solana’s (SOL) downtrend is becoming increasingly alarming.
XRP has been moving within a descending channel, but the recent surge above $220 could be seen as a sign of relief for the asset’s holders. However, it is crucial to note that this upward movement might not have enough momentum to sustain itself and make a significant change in its current bearish trend. In fact, the Relative Strength Index (RSI) remains slightly bearish, indicating that the recent surge could be an exhaustion gap rather than a reversal.
The price action has been quite unpredictable lately, but XRP’s attempt to recover above the descending resistance line is a crucial test for the coin’s future. Closing above $225 will be necessary for a bullish continuation and potentially targeting the $240 region. However, if this momentum is not sustained, we can expect the bearish trend to continue.
On the other hand, Shiba Inu (SHIB) has been struggling severely, with no signs of recovery in sight. The RSI indicator reveals that there are still no divergences or signals indicating a potential reversal. The price action remains bearish and will likely continue to move downwards unless a significant shift occurs.
In the meantime, Solana’s downtrend is becoming increasingly scary. The asset has been losing ground for weeks now, and the momentum shows no signs of slowing down. Closing above $22 could potentially be the start of a reversal, but it seems unlikely at this point.
Source: u.today
