Crypto Market Sees First Breakout Attempt Shut Down

XRP and other cryptocurrencies are attempting to recover from recent selloffs. However, their technical market structures remain bearish.

XRP has gained momentum in recent days after rising from the $1.05 support zone. It is currently testing the region surrounding the 50-day EMA, which has served as a ceiling during the current decline. Despite this recovery, XRP's technical structure remains bearish, with a descending triangle pattern and lower highs and lows.

The first significant technical win for bulls in months would come from a breakout above the 50-day EMA, currently near $1.19. This could pave the way to the $1.28 area, where the 100-day EMA is located.

Shiba Inu (SHIB) continues to lag behind despite a modest rebound. It has recovered from recent lows but remains among the weakest large-cap coins on the market. Sellers continue to dominate the market as SHIB trades below its 50-, 100-, and 200-day moving averages.