The cryptocurrency market reduces and Bitcoin enters closer to $ 103,000 levels at the time of writing. Ethereum gained more than 19% and the Altcoins followed the suit. The XRP price traded above the level of $ 2.30 and adding to the bullish emotion, the SEC filed the letter of the settlement agreement.
Bearish trend is still in place – so far
According to analyst Josh of the Crypto World, on the larger 3-day chart, the XRP is technically showing the signs of a bearish trend. This has happened for months, and it still sees lower highs and lower lows – which is typical of a downtrend. While there has been a small short-term price increase along the way, the larger trend has not flown bullish.
Market conditions can change the picture
However, it can change as soon as possible. The XRP is closely linked to the general crypto market, especially leading coins such as Bitcoin, Ethereum, and Solana. If they are constantly rising, the XRP can finally break this downtrend as well.
Basic resistance level to $ 2.45
To confirm a real recurrence, the XRP will need to break above a major resistance level around $ 2.45. If we see a strong -day -day candle near that level, followed by a higher low on the chart, it can signal the start of a new climb.
All times possible if the breakout occurs
If XRP confirms this bullish breakout, there is a good chance that it can start to go back to all times high. But until that happens, it is important to expect resistance to around $ 2.33 to $ 2.45.
XRP still follows Bitcoin's lead
Like most altcoins, XRP tends to move in the same direction as Bitcoin. So if Bitcoin continues to pump, we can expect to follow the XRP with short-term acquisitions as it does today.
