Ripple's XRP on the Brink of Major Resistance: What Traders Are Watching
XRP is approaching a significant resistance level as it trades near $2.28, with traders anticipating a breakout towards $2.75.
Ripple’s XRP is nearing a critical resistance level at $2.28. Traders are observing this price point, as a successful breakout could drive the price toward $2.75.
Current movement reflects a descending trend established since early October.
$2.28 Level: Key to Breaking Out
Analyst Ali Martinez highlighted the $2.28 level as crucial for XRP, aligning with the 0.618 Fibonacci retracement and the descending channel’s upper edge. This level has repeatedly rejected XRP in recent weeks.
“If XRP can break past $2.28, a breakout toward $2.75 opens up.”
If XRP faces rejection here, it may retest lower support levels around $2.05 or $1.87.
XRP Price Chart
Credit: Ali Martinez/X
As the price moves, XRP has followed the general market. Following a pullback on December 1, it dropped from $2.20 to under $2.00 before recovering. Currently, XRP is trading at $2.17, a decrease of 1% over the last 24 hours and maintaining a trading range between $2.15 and $2.21.
Analyst Steph Is Crypto mentioned the Stochastic RSI indicating oversold conditions, which have historically marked the end of downtrends. Additionally, on-chain activity has surged, signifying increasing liquidity.
In further developments, RLUSD gained approval for adoption in the Abu Dhabi Global Market, positioning itself for broader acceptance amongst regulated firms in the region.
Tags: Ripple (XRP) Price
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