Technical analysis points to possible short-term price gains if resistance levels holds, but it also outlines a scenario where both Bitcoin and XRP could face another round of declines in the coming week.
The analyst noted that the cryptocurrency narrowly missed this target during its latest surge, stalling at $3.10 before slipping back to $3. However, XRP has so far managed to retest and find support on the downtrend line, which suggests there is still a chance for continuation higher.
Failure for Bitcoin to hold above $120,000, would likely usher in another bloody phase next week, with XRP at risk of dropping back toward $2.72 or even lower. The week’s close will determine whether this rally has legs or whether the correction scenario plays out instead.
At the time of writing, XRP is trading at $3.03. Bitcoin is trading at $122,500.
Featured image from Unsplash, chart from TradingView
