This week, the payment-focused Crypto Asset XRP fell more than 6%, touching the key support level of $2, which has become a short positions fatigue zone since December of last year. If this support is broken, investors may accelerate dumping, leading to further price dips. Currently, the price still holds the support, and to turn bullish, it needs to break the descending trend line since July (around $2.50).
Bitcoin is also under pressure, currently hovering near three key support levels: the continuously rising trend line from 2023 to 2024, the 100-week SMA, and the 38.2% Fibonacci retracement level from the bear market low at the end of 2022 to the recent historical high of $126,000. If these supports are broken, attention will turn to the low point close to $74,500 in April and about $70,000 below the peak of the 2021 bull market. If bulls want to maintain confidence in the bull market, they need to reclaim the 50-week moving average (approximately $102,252).