XRP price holds $2 support as Dogecoin rally fades

XRP is clinging to a crucial price level, while Dogecoin's recent rally appears to have ended. According to CoinMarketCap, XRP has experienced a 25% decline this month, falling from $3.40 mid-January to its current price of $2.28. Despite the broader cryptocurrency market downturn, led by Bitcoin, XRP has managed to maintain a price above $2. However, this support level may prove fragile if a new sell-off begins tomorrow during Asian trading hours.

XRPUSD Price Chart | Source: CoinMarketCap

There is still some cause for optimism, as XRP remains above the 38.2% Fibonacci retracement level – a significant area where price rebounds often occur.

XRPUSDT Daily Chart | Source: TradingView

Dogecoin, conversely, presents a less encouraging picture. DOGE has fallen below the 61.8% Fibonacci retracement level, a key indicator often associated with bearish reversals. Following a substantial rally from $0.10 in October to $0.484 in December, DOGE has now dropped below $0.21, representing a loss of over 70% of its peak value.

DOGEUSD Daily Price Chart | Source: TradingView

Fibonacci retracement is a technical analysis tool used by traders to estimate potential price pullbacks before a trend resumes.

In summary, while experiencing a price decline, XRP is currently demonstrating relative resilience, whereas Dogecoin's momentum appears to be waning.