XRP vs. SOL: Key Support Levels to Watch Amid Market Volatility

The cryptocurrency market has experienced notable volatility, particularly affecting Ripple (XRP) and Solana (SOL). XRP has shown resilience amid broader market turbulence, while Solana has struggled, revealing distinct performance patterns between these two assets.

As highlighted by Cheeky Crypto, an analytic firm, in a YouTube video Ripple’s XRP has faced significant sell pressure recently, with its price dropping to a low of $43.1 on the one-day Binance chart. Using Fibonacci scales to measure this downturn, experts predict a further decline might be expected, potentially reaching between $40.7 and $46.9.

Despite these challenges, XRP has shown a remarkable ability to hold its ground relative to Bitcoin and the wider crypto market, which has been experiencing aggressive sell-offs.

However, the resistance levels on the daily chart suggest that immediate rallies may be limited. The 200-hourly EMA could signal a potential upside, but XRP’s path remains uncertain due to the market’s current state.

Solana, on the other hand, has faced a different trajectory. After a substantial 43.2% drop, SOL has broken down from its previous market structure, indicating a severe correction.

Although the coin is likely nearing the end of its correction phase, it has not yet reached its anticipated range. Potential buying opportunities for Solana might lie between $93 and $107. Despite the challenges, the long-term outlook for Solana remains positive, with expectations of recovery and growth.

XRP’s performance over the past period has been marked by a moderate upward trend, with its peak reaching around 12%. The coin’s volatility is relatively low compared to SOL, which has demonstrated more aggressive movements.

XRP’s price remains above the 5% support level and encounters resistance around the 12% mark. In contrast, Solana has achieved a peak of over 20%, with its support levels around 15% and resistance at 20%. The higher volatility of Solana might appeal to short-term traders seeking substantial gains, while Ripple’s steadier performance could attract more conservative investors.

XRP vs SOL 1-day price chart, Source: CoinMarketCap

Currently, XRP is trading at $0.499863, with a 24-hour trading volume of $2,622,671,934, reflecting a 12.15% increase in the last 24 hours. In comparison, SOL’s price stands at $139.03, with a trading volume of $8,912,432,505, showing a 22.40% rise over the same period.

XRP/USD 1-day price chart, Source: Trading view

XRP’s 1-day RSI reads 37.97, suggesting a potential for price reversal, while its MACD below the signal line indicates short-term downward momentum.

Solana/USD 1-day price chart, Source: Trading view

SOL’s 1-day RSI is at 38.71, also signaling oversold conditions, with a similar MACD pattern suggesting further downward pressure.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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