The $1.00 threshold for XRP and $60,000 for Bitcoin are under fire! What is driving the pressure in major cryptocurrencies?

In the cryptocurrency market, most major assets are maintaining a weak technical outlook as pressure continues on XRP, SHIB, and Bitcoin. Despite attempts at short-term rebounds, the overall downward trend remains dominant for many leading coins. However, Solana is distinguishing itself with greater resilience following the recent corrections, outpacing its peers with a more stable chart.

Technical weakness dominates XRP and SHIB

XRP, which spent months flatlining between $1.30 and $1.50, has broken down below this range, accelerating its decline. This break confirms a bearish continuation pattern, bringing prices perilously close to the psychologically significant $1.00 support. Technical indicators show that XRP remains under intense selling, with prices well below the 50, 100, and 200 day moving averages.

The relative strength index (RSI) has dropped to 32, edging near the oversold territory. While this may suggest the pace of the downturn could slow, it’s generally insufficient on its own to signal a lasting bottom amid such strong bearish momentum. Should buyers hold the $1.00 area, a recovery toward the $1.14–$1.15 band, where the 50 day exponential moving average lies, could materialize.

SHIB exhibits a similarly bearish pattern, recently breaking below a rising wedge formation. This setup typically signals further downward moves, and SHIB has failed to show any meaningful recovery since. Like XRP, SHIB is trading below all main moving averages and remains near its recent local lows.

The 50 day EMA continues to act as dynamic resistance for SHIB, and recent bounce attempts have not seen a convincing rise in trading volume. This hints that buyers have yet to assert real power. The RSI has dropped sharply to 21, deeply into oversold territory. Still, overall momentum remains with the sellers.

Bitcoin grapples to hold its support region

Bitcoin is struggling to stay above the $60,000 level, remaining under intense pressure. The crucial uptrend line that fueled the market’s April and May rebound has now been broken, signaling that the medium-term bullish structure has given way to renewed bearish control. The 50, 100, and 200 day moving averages all sit well above current price levels, reinforcing this negative outlook.

Increasing volumes during the recent correction phase point to direct selling pressure, rather than simply a lack of buying. Bitcoin’s RSI hovers near 32, suggesting a short-term rebound may be possible. However, unless prices reclaim the 50 day EMA around $64,000, the primary trend remains challenged.

Solana stands out with relative strength

In contrast, Solana is displaying more resilience compared to Bitcoin. Following a steep pullback at the start of June, buyers stepped in forcefully at the $63 to $65 support, helping the price remain above regional lows. The long-term structure is not yet entirely bullish, as SOL also trades under all major moving averages.

However, Solana’s price is now stabilizing near the 50 day EMA around $72 and forming higher lows. This divergence is seen as a positive signal, especially as most other top cryptocurrencies are hitting new local lows. The RSI has climbed back up to 49, suggesting selling pressure has notably subsided.

Solana’s attempted recoveries have translated into rising trading volumes, a sign of strengthening buyer interest. In the short term, holding $72 as support will be critical. Success there could see a move towards the 100 day moving average near $77. If Solana fails to maintain its current level, the $63 support will once again come into focus.

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