XRP is testing a double top formation near the $3.50 price level, signaling a potential bearish reversal that threatens its recent gains.
The pattern’s completion could trigger a decline toward critical support near $2.60 if the neckline breaks, with the Relative Strength Index (RSI) nearing 75 and declining volume indicating overbought conditions and weakening momentum.
Meanwhile, Ethereum has surged over 40% with robust trading volume, breaking out of consolidation above crucial technical indicators.
The cryptocurrency now trades firmly above $3,800, supported by its 50-day and 200-day Exponential Moving Averages, with eyes on the $4,000 resistance despite an overbought RSI reading above 80 reflecting sustained bullish demand.
Bitcoin faces significant resistance at $120,000 while consolidating within a key technical range.
Support levels at the 50-day EMA ($115,000) and 100-day EMA ($111,000) provide downside buffers as the market awaits either a decisive breakout or potential retracement.