thecryptobasic.com
A market analyst has noted that $XRP has lagged while other altcoins have recorded considerable rallies, suggesting it may be the next mover.
Sjuul Follings, the founder of AltCryptoGems, pointed out that $XRP has struggled to break a crucial resistance mark as it fails to match the broader market strength.
For context, while the crypto market has gained more than 14% since the rebound campaign began in April, $XRP has lagged with an 8% gain within this period.
Key Points
- $XRP has lagged behind the overall crypto market rebound, recording an 8% increase since April.
- Among the top 10 crypto assets, $XRP has witnessed the least gains.
- Follings says $XRP has failed to break through the crucial resistance area around $1.50 despite the broader market strength.
- According to him, the price is now pushing against the resistance, suggesting it’s time to pay attention.
- If $XRP breaches this level, Follings believes it could become the next big mover.
$XRP Gains 8% But Lags the Broader Market
Sjuul Follings spotlighted $XRP’s current position as the crypto market attempts to recover the losses of this year. Specifically, after collapsing to $2.22 trillion by March, the broader crypto market staged a recovery effort in April, which has spilled into this month.
The market has added $460 million in valuation, pushing its cap to $2.68 trillion at press time, having gained by more than 14% since March. Specifically, the crypto market saw an 8.53% increase in April and currently records a 6.18% gain this month of May.
While all the other top 10 assets have posted double-digit gains within this period, especially Bitcoin (+18.28%), Ethereum (+10.13%), BNB (+11.03%), Solana (+15.3%), and TRON (+11.5%), $XRP has only increased 8.2% and has failed to breach the pivotal resistance area around $1.50.
$XRP Faces Resistance at $1.50
Data from the chart shared by Follings indicate that $XRP currently trades within a parallel horizontal channel on the 12-hour timeframe that has continued to act as a roadblock to further upside.
$XRP breached this resistance area during the rally in mid-March but collapsed below it again after reaching $1.60. When the price pushed to this area on April 17, $XRP failed to breach it, facing a roadblock at $1.51 and then pulling back.
Today, as the price oscillates around $1.46, $XRP trades within this channel once again, looking to break above the resistance area at the upper trendline, which aligns with $1.50. “Price is pushing against it, so it’s probably time to pay attention here,” Follings said, speaking on $XRP’s recent price action.
For $XRP to successfully overcome this resistance area, it must secure a candle close above the channel’s upper trendline at $1.50. Follings’ chart projects a possible pullback to retest the trendline breakout before an eventual rally toward the $1.60 price area. According to him, $XRP might be the next mover among altcoins.