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The cryptocurrency market is surging and Bitcoin is inching closer to $103,000 level at the time of writing. Ethereum has gained more than 19% and altcoins have followed suit. XRP price is trading above the $2.30 level and adding to the bullish sentiment, the SEC has filed the settlement agreement letter.
Bearish Trend Still in Place – For Now
According to analyst Josh of Crypto World, on the larger 3-day chart, XRP is still technically showing signs of a bearish trend. This has been the case for months, and it is still seeing lower highs and lower lows — which is typical of a downtrend. While there have been small short-term price increases along the way, the bigger trend hasn’t flipped bullish yet.
Market Conditions Could Change the Picture
However, that could soon change. XRP is closely linked to the overall crypto market, especially top coins like Bitcoin, Ethereum, and Solana. If those continue to rise, XRP might finally break out of this downtrend as well.
Key Resistance Level at $2.45
To confirm a real trend reversal, XRP would need to break above a key resistance level around $2.45. If we see a strong daily candle close above that level, followed by a higher low on the chart, it could signal the start of a new uptrend.
All-Time Highs Possible If Breakout Happens
If XRP confirms this bullish breakout, there’s a good chance it could start heading back toward its all-time highs. But until that happens, it’s important to expect resistance around $2.33 to $2.45.
XRP Still Following Bitcoin’s Lead
Like most altcoins, XRP tends to move in the same direction as Bitcoin. So if Bitcoin continues to pump, we can expect XRP to follow with short-term gains too — just like it’s doing now.