Join the crypto analyst, Álvaro Martínez, as he highlights remarkable technical levels following the strong recent rallies in Bitcoin and XRP. He notes that a breakout of XRP above the $1.60 level could open the door to a new upward move, while the $100,000 mark has once again become a key target for Bitcoin.
XRP: Does the "inverse head and shoulders" pattern confirm it?
XRP rose 27.6%, from $1.25 to $1.58. Martinez said this move may have completed the “right shoulder” of a large technical pattern known as the “inverse head and shoulders” forming on the daily chart. The analyst believes the most important current level for XRP is $1.60, which represents the “neckline” of this pattern. If a decisive breakout occurs above this level, the pattern could be confirmed, potentially opening the way for an additional rise of about 30%, bringing the price to the $2 level. Martinez also noted that large investors (whales) have recently accumulated more than $2 billion worth of XRP.
Bitcoin: Return to the $100,000 target
Martinez believes the bullish outlook also continues for Bitcoin, which has risen more than 50% since its lows of $57,749 on July 1. He noted that large investors are continuing to be active in the market rather than taking profits despite the sharp rally, as the Bitcoin network recorded more than 2,722 transactions worth over $1 million in just one day. He added that U.S. spot Bitcoin ETFs attracted more than $1.60 billion over the last 72 hours, reflecting strong institutional support for the upside.
One of the most prominent support levels for Bitcoin is the $84,569 area, where around 600,000 Bitcoins were previously traded, making it a strong demand zone. This is followed by a second important support level at about $77,000. On the upside, on-chain cost distribution data points to a key resistance level at around $104,765, where roughly 283,000 Bitcoins were traded at that level. MVRV indicator bands show a similar picture as well: the average at about $100,670 represents one of the main upcoming resistances, while the strong support band stands out at around $74,361.
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