XRP ceded the crucial $0.3 level of support to the bears and was headed toward the $0.25 level of support. Monero was quite volatile as it saw a strong move upward followed by stronger selling pressure, and appeared likely to test the $150 level of support at the time of writing. Dogecoin’s period of consolidation at $0.01 came to an end in the face of selling pressure and it was headed further south.
XRP
Source: XRP/USD on TradingView
$0.3 is a crucial level for XRP. Over the next few days at least, it can be expected to offer resistance to the price. The range between $0.17 and $0.3 has seen XRP move within it for the most part since July 2019.
The mid-point of this range at $0.23, along with $0.25, is the immediate levels of support for XRP.
The ascending triangle pattern did not see XRP move beyond $0.35, and on the 1-hour chart, the MACD showed strong bearish momentum. The drop reversed at $0.25 as buyers stepped in.
The reaction in the $0.295-$0.3 region will be important over the next day or two- a rejection would mean another move to $0.25, while some consolidation there is likely to be followed by a breakout back to the upside.
Monero [XMR]
Source: XMR/USDT on TradingView
Monero was extremely volatile over the past two days. The breakout above $150 saw a move to $185, and rejection that retested the $150 level – a 23.8% and 19.4% move respectively.
The price was back within the $150-$164 range. The OBV, after the roller-coaster ride that the past two weeks have been, was back where it was at in late December.
A climb back above the mid-point of the range at $158 would be bullish for XMR, while a trading session close beneath this point would see XMR retest the $150 support and possibly lose it to the bears.
Dogecoin [DOGE]
Source: DOGE/USDT on TradingView
DOGE lost 15% over the past 24 hours and the price moved beneath the 20 SMA (white), after a few days of consolidation around the $0.01 mark.
Further retracement could be in order for DOGE as the RSI slipped below neutral 50 to denote bearish momentum. A retest of the neutral 50 and another drop for the RSI would indicate a short-term downtrend.
The market-wide selling pressure, if at an end, would see BTC and ETH either stabilize and trade within a range, or resume their prior uptrend. Over the next few days, this could positively impact DOGE prices as well.
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