What to Know:

• XRP remains below the critical $3.65 level, where a bearish pattern previously emerged, as on-chain data shows potential for profit taking by holders.
• Bitcoin is consolidating gains within a counter-trend descending channel.
• Ether has broken out of a long-term symmetrical triangle, signaling a new uptrend towards previous record highs.

XRP: Not Out of the Woods Yet

XRP, the payments-focused cryptocurrency, surged 11% on Thursday, reportedly breaking out of a bull flag pattern to suggest renewed upward momentum. However, it’s not yet clear, as prices remain well below the crucial $3.65 level, where a bearish “tweezer top” candlestick pattern occurred last month.

The tweezer top is a bearish reversal pattern, with a clear rejection point, in this case $3.65, where the market struggled to climb higher, indicating that upward momentum might be stalling.

Bitcoin: BTC Awaits Breakout

Bitcoin’s recent pullback is forming a descending channel within its overall upward trend, suggesting market consolidation. A breakout from this channel would affirm the current uptrend.

Ether: Major Breakout

Ether’s recent surge above $4,200 represents the highest level since its all-time high, breaking out from a lengthy symmetrical triangle, marking a significant bullish sign.