After a recent explosive rally, XRP has calmed down and is currently trading at $3.10. Although momentum appears to be slowing down, the asset has managed to maintain its position above important support levels. It appears that traders are holding off on acting until they receive a clear signal during this consolidation phase. Right now, XRP is trading close to $3.10, with the 50 EMA providing instant support at $2.88.

The next significant support at $2.59 could serve as a buffer against additional downward movement if XRP is unable to hold this level. Resistance on the upside is still around $3.50, and a possible breakout would pave the way for $4.00. Indicating a decrease in market activity, trading volume has also decreased in comparison to previous spikes. This implies more neutral sentiment since neither bulls nor bears are currently controlling the market. But this stable phase is frequently followed by heightened volatility, so the next action is vital.

XRP/USDT Chart by TradingView

The strength of the eventual breakout may increase with the length of time that XRP stays in this consolidation range. XRP may try to retest the $3.50 resistance if buying pressure builds. The next likely scenario, though, might be a pullback to $2.59 if support at $2.88 fails.

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There is still opportunity for movement in either direction because indicators like the RSI are in neutral territory. A brief correction may be imminent if selling pressure increases, but if demand improves, XRP may resume its upward trajectory. With traders keeping a close eye on price action for the next significant move, XRP is currently in a holding pattern. 

Solana's value surge

In just a few hours, Solana's value increased by 7%, demonstrating a robust recovery. SOL is currently trading at about $240, indicating fresh bullish momentum following a period of price consolidation. Increased market interest in Solana's ecosystem, robust network activity and general bullish sentiment in the larger cryptocurrency market are probably what's driving the recent rally. 

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Despite prior volatility, SOL has demonstrated resilience by regaining strength after recovering from support at $228. Additionally volume has increased, indicating that traders and investors are becoming more interested. SOL may retest important resistance levels if buying pressure persists and the rally continues. 

The next immediate resistance level if Solana keeps up its momentum is located at $250. The market may move toward $270 if there is a breakout above this, which might lead to another test of the $300 level. SOL may still pull back toward $228 or even $212 (50 EMA) if it is rejected close to $250.

Additionally, the $207 level is essential to sustaining the current upward trend. SOL may lose momentum and drop back to $188 — which served as solid support during the previous correction — if it breaks below this. 

Ethereum's important test

At $3,330, where the top trendline of its descending price channel is located, Ethereum is getting close to a crucial test. This level is crucial to monitor in the price movement of ETH since it is probably going to serve as strong resistance. The recent recovery from $3,136 indicates some bullish momentum, and ETH has been consolidating within a downward-sloping price channel. 

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The asset is currently trading at about $3,266, up 4.88% from the previous session. A further decline was stopped by the 200 EMA at $3,136, which served as a solid support level. The $3,330-$3,420 range is now the focus of attention. Breaking above this trendline might change the mood of the market and move ETH closer to $3,600, where the 50 EMA is located. 

The next target, if momentum holds, is $3,800, which would correspond to the early January high. If ETH is unable to break the downward trendline, a rejection at $3,330 might lead to a further decline, bringing prices back to $3,136 or even $3,000. For bulls, the $2,900 mark is still the last line of defense because a decline below it might validate a more general bearish trend.

The RSI and volume are both neutral, suggesting that a breakout is possible but requires confirmation. Strong volume and a clear close above $3,330 might signal a trend reversal, while a rejection would support the bearish structure that is currently in place.

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