XRP is hanging on to an important price level, while Dogecoin's rally seems to be over.

XRP has dropped 25% this month, from $3.40 in mid-January to $2.28, according to CoinMarketCap.

XRP is hanging on to an important price level, while Dogecoin's rally seems to be over.

What Happened: XRP has dropped 25% this month, from $3.40 in mid-January to $2.28, according to CoinMarketCap. In this concerning market condition where bitcoin is leading the drops, XRP has somehow managed to hold the price above $2. While this support may not hold for long if the crypto market starts a new sell-off tomorrow when Asian trading hours begin.

However, XRP is still holding above the 38.2% Fibonacci retracement level, a key area where prices often bounce back.

Dogecoin (CRYPTO: DOGE) is also performing poorly and has dipped below the 61.8% Fibonacci retracement level, which traders understand to be a point of bearish reversal.

DOGE had a huge rally, jumping from $0.10 in October to $0.484 in December. The coin has now dropped below $0.21, losing over 70% of its gains.

Fibonacci retracement is a tool used by traders to predict the extent to which prices are likely to pull back before continuing their trend.

Why Is This Important: Both XRP and DOGE have been performing poorly this year, as the crypto market continues to be volatile. However, both coins are still relatively strong in the long term.

XRP is the native token of the Ripple network, which is a blockchain network that is designed to facilitate cross-border payments. Dogecoin is a meme token that was created in 2013. The token has become popular in recent years, thanks in part to its large and active community on social media.

The price movements of both coins are being closely watched by traders as they try to gauge the direction of the crypto market in 2023.

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