Key Takeaways
- XRP price struggles to break above $2.6 despite a clean bullish price action on the daily timeframe.
- XRP sees a positive spot sentiment ahead of a 25% futures IO rise as investors and traders show interest.
- XRP trading above the 50-day and 200-day EMAs shows strong bullish price action as the price struggles below resistance.
Ripple (XRP) has struggled in the last few weeks to maintain a bullish uptrend. The price has failed to break out of its resistance of $2.6, preventing it from rallying higher. Despite Bitcoin hitting new all-time highs around $111,800, the price of XRP has failed to break out of its resistance due to hovering around $2.4.
Although BTC price rallying above new highs has suggested strong Bitcoin dominance for altcoins, as altcoins have struggled in the last few days and would continue to be outperformed by BTC if its dominance remains high, making it difficult for altcoins, including XRP, to rally higher.
XRP’s price chart on the daily timeframe looks strong but faces resistance. A breakout above $3 could see an extended rally into a region of $5, as the price of XRP has been long overdue for such a rally.
With XRP ETF approval pending and derivative trading, investors will have an opportunity to expose themselves to XRP’s potential. The price could rally to a high of $5 or more, which would build strong sentiment.
XRP Bullish Signs As Investor Interest Increases
FranklyICT trader on his X post suggests a positive rise in XRP future IO with an over 25% rise. Spot is gaining much traction, suggesting investors’ interest is on the rise, which could help the price of XRP break above its resistance easily.
According to the trader, XRP has formed a bull flag with the price breaking above its $3 area and could see a strong rally toward $14 in the coming months or weeks. A colossal influx of liquidity coming back into the market for XRP would help its price rally more to the upside.
XRP Price Analysis Ahead Of Potential Breakout
Source – XRP 1D Price Chart From TradingView
The price of XRP broke out from its downtrend cleanly and retested its support of $2.4 but has faced key resistance to break above $2.6 as the price of XRP tried previously but was rejected, as the price must break this zone to resume a strong rally to the upside.
XRP’s price trading above its 50-day and 200-day EMAs is a strong sign of bullish continuation as the price struggles to break its resistance. As the market looks bullish, the price of XRP trading above $3 would mean a bullish rally for traders and investors paying attention to current price action.
