XRP price recent technical developments indicate that any market-wide upside could allow it to enter a rally
XRP price and the cryptocurrency market are currently waiting for more direction from Bitcoin before making any significant moves. Consequently, this has caused smaller altcoins to also fall into sideways transactions.
While it’s not yet clear where the market might be in the next trend, XRP’s recent technical developments point out that any price spike across the market could allow it to enter too submitted to the Moon.
XRP price stalled as Bitcoin failed to break out of the $ 11,000 resistance level
At press time, XRP is trading down more than 2% at its current price of $ 0.24. This is the price it has been trading at for the past few days. It is important to note that this marks a noticeable rise from the weekly low of $ 0.23 established just days before the aggregate market faces a strong sell-off.
This sell-off left BTC and the rest of the crypto market some losses, but most of the digital assets have since recovered. XRP is currently yielding some of the gains seen in the post-movement, unable to hold above $ 0.25.
While talking about XRP’s current technical outlook, analyst Pentoshi said it is still poised to see further price increases, despite its recent weakness. He specifically points to the cryptocurrency’s BTC trading pair, noting that it can only regain importance.
“XRP on both pairs looks good but using this LTF chart for reference. Clear deviation and reclaim taking place. Make way for Moon No target because I’m building a position for Swell and will re-evaluate as we get closer. Market conditions much different.”
The way Bitcoin continues to respond to resistance lies just above where it is currently trading will have some profound impact on its short-term outlook.
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