The cryptocurrency market is currently experiencing a surge, with Bitcoin approaching the $103,000 level. Ethereum has seen a significant increase of over 19%, leading to a positive trend in altcoins as well. XRP is currently trading above $2.30, and the recent filing of a settlement agreement letter by the SEC has added to the bullish sentiment in the market.
Despite the recent positive developments, analyst Josh of Crypto World points out that XRP is still technically in a bearish trend on the larger 3-day chart. The coin has been showing lower highs and lower lows for months, indicating a downtrend. While there have been minor short-term price increases, the overall trend has yet to turn bullish.
However, market conditions could soon change this picture for XRP. The coin is closely correlated with top cryptocurrencies like Bitcoin, Ethereum, and Solana. If these coins continue to rise, XRP may finally break out of its current downtrend.
A key resistance level for XRP lies at $2.45. A breakout above this level, accompanied by a strong daily candle close and a higher low on the chart, could signal the beginning of a new uptrend for XRP. If this bullish breakout is confirmed, XRP could potentially move towards its all-time highs. Until then, resistance levels around $2.33 to $2.45 should be expected.
XRP typically follows the lead of Bitcoin and other major cryptocurrencies. Therefore, if Bitcoin continues to see positive price action, XRP is likely to experience short-term gains as well.
In conclusion, while XRP is currently in a bearish trend, the overall market conditions could soon turn in its favor. A breakout above key resistance levels could signal a trend reversal and potential all-time highs for XRP. As always, it is important to monitor the market closely and be prepared for potential fluctuations in price.