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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.