Ripple, IOTA and NEM could extend their losing streak this weekend.
The broader cryptocurrency market suffered heavy losses this week, with Bitcoin briefly trading around the $30,000 level. Total crypto market capitalization fell below $2 trillion for the first time since it reached that threshold a few weeks ago.
XRP, IOTA and XEM remain in the red and may face further declines over the weekend. Some analysts, however, believe the bull cycle is not over and prices will recover soon.
It’s time to continue with the bull market for #crypto and #Bitcoin.
This cycle ain’t over.
— Michaël van de Poppe (@CryptoMichNL) May 20, 2021
XRP Price Outlook
XRP lost roughly 7% of its value in the last 24 hours. The XRP/USD pair fell from around $1.47 yesterday to trade just above $1.10. Bulls are struggling to regain momentum, and XRP could lose the $1.08 support if the current trend continues. A break below that level would push XRP under $1 for the first time in months.
4-hour chart for the XRP/USD pair. Source Coinalyze
If the overall market recovers, XRP could target its 100-day simple moving average near $1.445 over the weekend. Clearing that level would position XRP to challenge its recent monthly high of about $1.70.
IOTA Price Outlook
IOTA is also showing bearish pressure. The IOTA/USD pair is down about 3.9% in the last 24 hours and roughly 33% for the week. IOTA has so far remained above a solid support level at $1.11. If it holds this support, the token could rally over the weekend to test resistance near $1.42. Any short-term recovery, however, would likely depend on a broader market rebound.
4-hour IOTA/USD chart. Source: Coinalyze
Conversely, if sellers dominate, IOTA could lose the $1.11 support and fall below $1, opening the door to further declines in the days ahead.
XEM Price Outlook
Of the three tokens covered here, XEM has performed relatively better in recent hours. The XEM/USDT pair is up about 3% over 24 hours, despite a roughly 10% loss during the past seven days. If buying interest continues, XEM could break through major resistance at $0.2549 this weekend. A sustained bullish move might push XEM past $0.30 next week.
4-hour XEM/USDT chart. Source: Coinalyze
That said, the broader market remains bearish, and the sell-off could resume. If that happens, XEM may lose its immediate support at $0.19, giving bears the opportunity to push the price lower in the coming days.