- Ripple (XRP) recently broke past its previous major swing high of $2, maintaining strong upward momentum and nearing its all-time high of $3.4
- This $3-$3.4 price zone is critical as a breakout above it could ignite a substantial rally to unprecedented levels for XRP
- After encountering resistance at $3, XRP entered a consolidation phase, breaking below its multi-week ascending trendline, suggesting a likely corrective phase in the near term before potentially attempting to breach $3 again
In the midst of a volatile cryptocurrency market, Ripple has been making headlines due to its significant price movements. Recently, Ripple went beyond its prior major swing peak of $2, displaying solid upward momentum and approaching its all-time high of $3.4, igniting widespread speculation about the coin’s future trajectory.
Ripple’s Remarkable Journey: From Accumulation to Acceleration
After a long accumulation phase within the $0.30-0.90 range, Ripple experienced a powerful surge due to increased buying pressure. The price skyrocketed by roughly 490% from its lowest levels, overcoming multiple key resistance levels, including the crucial $2 mark. However, Ripple now faces a substantial supply zone around $3, a point where increased selling pressure may slow down its progress.
The Relative Strength Index (RSI) points to overbought conditions, hinting at an impending consolidation phase within the $2-3.4 range. This pause could provide the market with an opportunity to mitigate selling pressure before buyers potentially put forth a decisive effort to surpass this psychological barrier and set a new all-time high.
Short-Term Price Movement: Resistance at $3 and Market Corrections
On a shorter timeframe of four hours, Ripple encountered strong resistance at the $3 region. This resistance led to significant selling activity and a price rejection, indicating a temporary loss of bullish momentum, potentially due to profit-taking and distribution among market participants.
Following this rejection, Ripple entered a consolidation phase, falling below its multi-week ascending trendline. This shift implies an increasing dominance of sellers and a likely corrective phase in the near future. Market volatility and fluctuations might intensify, with the $2 level serving as a critical support zone.
After this period of consolidation, Ripple is predicted to regain bullish momentum, with another attempt to break the $3 resistance likely on the horizon.
Conclusion
While the future of Ripple’s price remains uncertain, the coin’s recent performance provides insight into potential scenarios. Although Ripple’s price faces resistance at $3, the coin’s solid upward momentum and the possibility of a breakout above its all-time high make it a cryptocurrency to watch closely. As the market continues to evolve, investors and traders are advised to conduct their research and stay informed about Ripple’s latest developments.
