Ripple’s XRP has captured the spotlight in the crypto market, gaining more than 5% in the last 24 hours and currently trading at $2.45. The token has risen by over 35% in the past week, yet it remains far from its all-time high (ATH) of $3.84. With most top altcoins showing gains and Bitcoin maintaining its dominance above $100,000, market participants are wondering whether XRP can sustain its momentum or face a pullback.
The $3 price mark has proven to be a formidable barrier for XRP. Recently, the token reached a high of just over $2.90 but failed to breach the resistance near the 161.8% Fibonacci extension level, which sits at $3. This price ceiling highlights significant selling pressure in the market, making it a critical zone to watch for any future rally attempts.
According to crypto analyst Josh of Crypto World, the $3 resistance might pose challenges for XRP in the short term. “Breaking this level will require sustained bullish momentum across the market,” he notes. Until then, XRP is likely to oscillate between its current price and the $3 mark.
If XRP faces a pullback, traders are eyeing the $2 level as a key support zone. Historically, this level has acted as a cushion during price corrections. Should selling pressure intensify, this support could be crucial in maintaining XRP’s bullish structure.
Josh emphasizes that the $2 support zone is “a critical psychological and technical level” for the altcoin, as it provides a safety net for traders during volatile price swings.
The XRP/BTC trading pair offers insights into XRP’s performance relative to Bitcoin. Currently, XRP is testing a key resistance level against BTC, indicating a potential pause in its rally.
“If the XRP/BTC chart trends downward, it signals Bitcoin’s dominance over XRP in the short term,” says Josh. He previously advised traders to swap XRP for Bitcoin at specific intervals, a strategy that doubled Bitcoin holdings during favorable market conditions.
However, the current resistance suggests that XRP’s short-term rally against BTC might be nearing its peak. If the pair continues to falter, it could reflect Bitcoin’s outperformance over XRP in the coming days.
Despite the immediate resistance near $3, analysts are optimistic about XRP’s longer-term prospects. A broader bullish sentiment in the cryptocurrency market could pave the way for XRP to challenge and potentially surpass the $3 mark.
“If the overall market continues to expand, XRP could overcome its resistance and establish a new bullish trend,” Josh predicts. The $3 barrier is pivotal, and surpassing it could trigger a rally that drives XRP closer to its ATH.
XRP’s price action suggests a period of consolidation as it grapples with the $3 resistance. Traders are closely monitoring the $2 support level for signs of a pullback, while the broader market trends will likely dictate XRP’s ability to break out.
As the crypto market continues to evolve, XRP holders remain hopeful for a breakthrough that could set the stage for new highs. For now, patience and strategic trading are key as XRP navigates its next move.
Mike T, an accomplished crypto journalist, has been captivating audiences with her in-depth analysis and insightful reporting on the ever-evolving blockchain and cryptocurrency landscape. With a keen eye for market trends and a talent for breaking down complex concepts, Mike's work has become essential reading for both crypto enthusiasts and newcomers alike. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9
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