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Ripple’s XRP is currently up by more than five percent in the last 24 hours and is trading at $2.45 levels. Despite being up by more than 35 percent in the past week, the altcoin is yet to hit the ATH, which sits at $3.84. Majority of the top 10 altcoins are currently recording gains and Bitcoin is once again trading above the $100,000 mark.
XRP has encountered strong resistance near the $3 mark, specifically around the 1618 Fibonacci extension at $3. Recently, XRP reached a high of just over $2.90, falling short of breaking the $3 barrier. This hints at significant selling pressure, and the price is likely to struggle around this level in the short term. Here’s a breakdown of price analysis by analyst Josh of Crypto World:
Support Level Around $2
On the other hand, if XRP sees a pullback, support is expected at around $2. This level could act as a cushion for the price in case of further declines in the near future.
XRP vs. Bitcoin: A Key Indicator
Looking at the XRP/BTC chart, the price action suggests that XRP has reached a key resistance point when compared to Bitcoin. If this chart trends downward, it means Bitcoin is outperforming XRP. The analyst previously shared a strategy where XRP was swapped for Bitcoin, and those who followed it could have doubled their Bitcoin holdings. However, the recent resistance level indicates that the short-term rally in XRP/BTC could be coming to an end.
Potential for Future Breakouts
Despite the short-term resistance, the analyst pointed out that if the overall cryptocurrency market continues to grow, XRP could potentially break out against Bitcoin in the future. If XRP manages to surpass the current resistance levels, it could lead to a bullish trend.