XRP News Today: Bitcoin Dips Below $109,588, Traders Buy on Drop

Bitcoin (BTC) has experienced a dip below the $109,588 mark, but technical indicators suggest that traders are actively buying during these price drops. The recent all-time high above $109,588 resulted in a profit-taking volume of approximately $1 billion, which is significantly lower than the $2 billion seen when the price surpassed $100,000 in December. This muted response indicates that investors are optimistic about the continued upward trend of Bitcoin. Veteran trader Peter Brandt has predicted that Bitcoin could reach between $125,000 and $150,000 by the end of August.

However, the strong rally in Bitcoin has attracted speculators who are heavily leveraging their positions. According to CoinGlass data, Bitcoin futures open interest rose to just over $80 billion on May 23. This excessive leverage increases the risk of forced liquidation if prices experience a sharp pullback, prompting traders to exercise caution.

For Bitcoin, sellers are attempting to maintain the price below the breakout level of $109,588, which could trap aggressive bulls and pull the price down to the 20-day exponential moving average of $103,652. A solid bounce off this level would suggest a positive sentiment, with bulls aiming to push the price above $111,980 and potentially reaching a target of $130,000. Conversely, a break below the 20-day EMA could lead to a drop to the psychologically crucial level of $100,000, with buyers expected to defend this level fiercely.

Ether (ETH) has turned down from the $2,738 resistance, indicating that bears are vigorously defending this level. The ETH/USDT pair could drop to the 20-day EMA of $2,388, a vital support level. If the price rebounds off this level with strength, bulls will attempt to clear the $2,738 hurdle, potentially pushing the pair to $3,000. However, if the price continues to fall and breaks below the 20-day EMA, it could plunge to $2,323 and then to $2,111.

XRP (XRP) remains stuck within the $2.65 to $2 range, indicating a balance between supply and demand. The 20-day EMA of $2.35 is flattening out, and the RSI is near the midpoint, suggesting that the XRP/USDT pair may stay within this range for a few more days. A break and close above $2.65 could complete a bullish inverse head-and-shoulders pattern, targeting $3.70. Conversely, a break below $2 could increase the likelihood of a drop to $1.60 and subsequently to $1.27.

BNB (BNB) turned down sharply from the $693 resistance on May 23, signaling aggressive selling by bears. The BNB/USDT pair bounced off the 20-day EMA of $647, indicating solid buying at lower levels. Bulls will attempt to push the price above $693, with a potential rally to the $732 to $761 resistance zone. However, if the price turns down and breaks below the 20-day EMA, it could plummet to the 50-day SMA of $612.

Solana (SOL) climbed above the $180 resistance on May 23 but faces strong resistance at $185. The upsloping 20-day EMA of $167 and the RSI in the positive zone suggest an upward path. If buyers sustain the price above $185, the SOL/USDT pair could rally to $210 and later to $220. Conversely, a break below the 20-day EMA could heighten the risk of a drop to the 50-day SMA of $147.

Dogecoin (DOGE) turned down from the $0.26 overhead resistance on May 23, indicating that bears are fiercely defending this level. The DOGE/USDT pair could descend to the 20-day EMA of $0.21, an important support level. A solid bounce off this level could improve the prospect of a break above $0.26, potentially rallying to $0.35. However, if the price turns down and breaks below $0.21, it could suggest a range-bound action between $0.14 and $0.26.

Cardano (ADA) bounced off the neckline of the inverse head-and-shoulders pattern but failed to clear the overhead obstacle at $0.86. If the price continues lower and breaks below the neckline, it could drop to the 50-day SMA of $0.69 and later to the solid support at $0.60. Conversely, a solid bounce off the 20-day EMA of $0.75 could see bulls attempt to push the price above $0.86, with a potential ascent to $1.01.

Buyers failed to push Sui (SUI) above the overhead resistance of $4.25 on May 22, indicating that bears are aggressively defending this level. Repeated failure to cross $4.25 may have tempted short-term buyers to book profits, pulling the price below the 20-day EMA of $3.73. If the price sustains below this level, the SUI/USDT pair could plummet to the 50-day SMA of $3.09. Conversely, if the price turns up from the 20-day EMA and breaks above $4.25, it could climb to $5 and eventually to $5.37.

Hyperliquid (HYPE) soared above the stiff overhead resistance of $28.50 on May 22, indicating the start of the next leg of the up move. The bulls pushed the price above the $35.73 resistance on May 23, but the long wick on the candlestick shows bears are trying to defend this level. If buyers do not cede much ground to the bears, the HYPE/USDT pair could surge to $42.25. However, if bears want to make a comeback, they will need to drag the price back below the 20-day EMA of $26.32, signaling a local top near $37.59.

Chainlink (LINK) closed above the resistance line of the descending channel pattern on May 22 but is finding it difficult to maintain momentum. Bears are trying to pull the price back into the descending channel. If the price skids below the neckline, it suggests that the breakout above the resistance line may have been a bull trap, potentially sinking the LINK/USDT pair to $13.20 and keeping the price stuck inside the channel. Conversely, a solid bounce off the resistance line indicates that bulls are trying to flip the level into support, with a potential rise to $18 and thereafter to $19.80.