Key Takeaways
- The crypto market struggles as investors and traders closely monitor SOL vs XRP price action.
- For bullish price action, SOL needs to hold above its support of $120 or $110 and break above $180.
- XRP bulls must defend its $2 support despite experts speculating bullish price action for XRP in the past few weeks.
The crypto market has struggled in recent times despite the announcement that SOL, XRP, ADA, BTC, and ETH would be among the US strategic digital asset reserve stockpiles with the price of Bitcoin (BTC) after showing some strong price action to a high of $95,000 crashed towards $78,500 leading to more altcoins suffering price decline in recent time.
The price of SOL has suffered a steep decline, breaking below its key support of $120, which has held its price from further retracement. This has created many uncertainties for traders and investors looking to buy into the SOL price, demonstrating quite an impressive price rally in recent months.
Although SOL’s price action hasn’t been impressive, XRP has shown strength, defending its key support of $2. XRP bulls would like to push the price to the upside following an over 50% decline in the past weeks after trading to a historical high of $3.45.
Considering current market action and sentiment, investors and traders continue to pay close attention to the SOL vs. XRP price action despite market uncertainties that make trading quite unbearable for many traders.
XRP Price Analysis
Source – XRP 4H Price Chart
The XRP price has struggled to break above $3 in the last couple of weeks and has held its key support of $2 as there has been a tussle between XRP bulls and bears. Will bulls defending their price above $2 indicate a good opportunity for buyers to push the price higher toward its key resistance of $3 with a possible breakout in place?
A breakout above the $3 key resistance zone could see the price of XRP rally towards $5, as it has gained much bullish sentiment despite current market action preventing it from rallying.
Investors and traders are likely interested in XRP’s reaction to its $2 support and the possible breakout of its resistance around $3.
SOL Price Analysis
Source – SOL 1D Price Chart
The price of SOL has struggled around $120 and $110 support, respectively, with the price expected to rally to the upside. If SOL bulls fail to defend this support zone, allowing prices to break lower, we could see the price of SOL trade into lower zones of $80.
The first sign of strength for SOL bulls is to break above its key resistance of $180, corresponding to the resistance of 50-day and 200-day EMAs, preventing the price from trading into higher regions.
