Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Crypto analyst Steph has issued a warning to XRP investors regarding the current price action. He alluded to a multi-year resistancethat the altcoin has struggled to break, noting that this should be the major focus as it eyes new highs. XRP Needs to Break Above the $3.6 Resistance
In an X post, Steph shared a video in which he analysed the XRP monthly chart, dating back to the 2020 bull run. He highlighted an upward-sloping trendline for the altcoin, which showed that the altcoin has faced rejection at around the $3.6 leveltwice now. The first was in January of this year, when the altcoin surged to a yearly high. Related Reading Crypto Analyst Warns XRP Investors Amid Market Retrace 9 hours ago
Meanwhile, the second has occurred again following the XRP’s latest rally to a new all-time high (ATH)around this $3.6 resistance. Steph declared that the altcoin needs to break above this multi-year trendline resistance, as it risks falling into “an ugly period of downward momentum” if it can’t flip this level into support.
However, if XRP breaks above this resistance, Steph predicts that it could record a parabolic rally, which would send its price into double digits. The crypto analyst is more confident that the altcoin will break this resistance, noting that other bullish patterns support sustained bullish momentum.
In the short term, Steph predicts that XRP could rally to as high as $4.42. He highlighted a double bottom breakout on the 4-day chart, which is still in play for the altcoin. He assured that XRP could still maintain this upward momentum despite the current pullback in the broader crypto market.
However, if this bearish trend in the crypto market sustains for a while, he warned that the $3 support level is the one that XRP needs to stay above to avoid losing its bullish structure. The analyst expects a lot of buying pressure if the altcoin were to drop to this support level. What Next As The Altcoin Retests $3
In an X post, crypto analyst CasiTrades noted that XRP was unable to hold the $3.21 resistance and has now fallen back to test the $3 support. She stated that the altcoin appears to have completed a subwave wave 2 of a new trend, reaching a deep .854 retrace. If this new low holds as support, then she suggested that it could kickstart a large impulse to the upside. Related Reading XRP Is About To Break 8-Year Resistance Against Bitcoin Ahead Of Spot ETF Approval 3 days ago
CasiTrades predicts that XRP could reach new highs if volume begins to rise and the price starts moving back above the $3.21 resistance. She noted that the first wave 3 sits near $3.82, which is the 2.618 Fibonacci extension. Her accompanying chart showed that the altcoin could reach $3.8 on this next run-up. Source: CasiTrades on X
At the time of writing, the XRP price is trading at around $3.16, up over 2% in the last 24 hours, according to datafrom CoinMarketCap. XRP trading at $3.17 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com