XRP and SOL Coin
The BTC price plummeting to $120,800 resulted in many altcoins experiencing losses of up to 7%. At the time of writing, XRP Coin hovered around $2.88, losing 5% in value. Peter Brandt, joining the conversation today, shared a graph from his perspective as a veteran trader. He highlighted the risk of the price dropping to $2.22, illustrating a classic descending triangle that is likely to enforce price actions traditionally anticipated from such patterns.
Ali Martinez turned his focus to Solana (SOL), noting a cup and handle pattern in the graph. While there is a sign of a breakout, further confirmation is needed, he noted, targeting $1,300 as a price point.
Right now, SOL Coin struggles to surpass $247, trading at $223. Initial targets lie between $247 and $260, with $296 following. Achieving these may catalyze a new ATH phase and trigger further price exploration.
Ethereum’s Ascendancy
ETH swiftly dropped from $4,700 to the $4,450 range as the BTC downturn led to significant repercussions here. The hours ahead are unpredictable, particularly as volatility could spike with ETF proceedings during the Asia market’s opening. By this time tomorrow, the Fed minutes will also be released, prompting further changes.
Despite the challenging landscape, Michael Poppe remains optimistic about a bullish movement in Ether, listing two reasons:
- •BTC pairing shows a hint of a new upward trend after a standard correction, indicating a bottom.
- •Gold’s current parabolic trajectory could lead to a decline, stimulating a risk appetite.