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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.