China News Daily Official TheBitTimes.com

XRP has entered a strong correction cycle after testing a multi-year resistance trendline. Is the bull market on pause for now? XRP (XRP) price has dropped 18.5% from its local high of $0.67 on Nov. 23. And, it appears the cryptocurrency will suffer more selloffs in the coming weeks. XRP technicals hint at extended correction XRP has failed to break above a descending trendline resistance since January 2018. And, it fell short of logging a breakout above in November 2023, as well, illustrating a psychological selling pressure around the line. XRP/USD weekly price chart. Source: TradingView Each bearish rejection after testing the descending trendline resistance has historically resulted in a decline toward the ascending support trendline.  The downside target appears around $0.50, interestingly closer to XRP's 50-week (the red wave) and 200-week (the blue wave) exponential moving averages (EMA). Thus, XRP's price risks declining by 20% before 2024, if this fractal plays out...

AVAX price has been in a strong rally since the start of 2023, but a sustained uptick in its DeFi components is needed in order to sustain the current bullish momentum. Avalanche (AVAX) witnessed a meteoric start to 2023, gaining 98% in 30 days, and traders are now curious about whether the rally will extend throughout February. AVAX’s year-to-date gains for 2023 have outpaced those of Bitcoin (BTC) and Ether (ETH). Recent reasons for AVAX’s rally can be attributed to an Amazon partnership announcement on Jan. 11. The partnership is meant to easily deploy nodes on the Avalanche blockchain with Amazon Web Services (AWS). Ava Labs, which supports the Avalanche ecosystem, hopes the partnership increases blockchain usage for enterprises and governments. While AVAX price has benefited from the news, some analysts predict that the move could have been a bull trap. Let’s dig into the fundamentals to see if on-chain network activity supports the recent AVAX rally. AVAX fees from DeFi are up ...