Warning for XRP Investors
Crypto analyst Steph has raised some concerns for XRP investors about the current price movements. He pointed out the multi-year resistance levels that altcoins are having a hard time breaking through, emphasizing that these should be the primary focus as traders aim for new highs.
XRP Needs to Exceed $3.6 Resistance
In a post on X, Steph shared a video analyzing the XRP monthly chart from the 2020 Bull Run. He noted the upward trendline for the altcoin, indicating that XRP has faced rejection at the $3.6 mark on two occasions. The first instance occurred in January, when altcoins surged to their highest point ever.
The second rejection followed a new all-time high at this same $3.6 resistance during XRP’s recent rally. Steph stressed that unless this level can be converted to support, XRP “should exceed this multi-year trendline resistance.”
If XRP does manage to break past this resistance, Steph anticipates a parabolic rise, suggesting that prices could even reach double digits. Analysts are optimistic that XRP will overcome this hurdle, citing other bullish trends that could sustain positive momentum.
In the short term, Steph predicts that XRP could recover once it hits $4.42, highlighting a double bottom breakout on a four-day chart. He is confident that XRP can maintain its upward trajectory, despite some pullbacks seen in the wider crypto market.
However, he cautioned that if the bearish trends in the crypto market persist for a while, XRP needs to stay above the $3 support level to preserve its bullish structure. Analysts foresee significant buying pressure if the altcoin goes down to that support level.
Next Altcoin Retests $3
In her post on X, crypto analyst Casitrades observed that XRP struggled to hold onto the $3.21 resistance and is now retreating to test the $3 support level. She mentioned that the altcoin seems to have concluded a new trend of sub-wave 2, reaching a deep .854 retracement. If this new low can be maintained as support, she suggested it could lead to a substantial upward movement.
Casitrades believes XRP could achieve a new high if trading volumes increase and prices reclaim the $3.21 resistance. She pointed out that First Wave 3 is close to $3.82, which aligns with a 2.618 Fibonacci extension. Her chart indicated that XRP could potentially reach $3.8 in the upcoming rally.
As of now, XRP prices are hovering around $3.16, showing an increase of over 2% in the last 24 hours, according to data from CoinmarketCap.
