Key Takeaways
- Microeconomic uncertainties continue to affect market conditions as XRP suffers setbacks.
- Despite the price of BTC hitting new all-time highs, XRP price struggles to break above $2.6.
- A breakout for XRP above $2.7 and forming strong support could see bullish price control to new highs.
The price of XRP has underperformed in the past four to five months in the market following a strong price rally to a high of $3.45, as the price faced rejection around that region, crashing into a weekly low of $1.6, as the price rebounded from that region to trade above $2.
Despite the price of XRP showing strength to trade above $2, it has struggled even when the market has shown strong strength to trade in an uptrend. Market sentiment for XRP has remained bullish based on its community votes, but the price continues to underperform below expectations.
Every week, XRP has made headlines due to a fundamental development that contributes to a strong bullish sentiment for price and the potential to trade higher. Price has remained in a range, struggling to break above its resistance of $2.6 for months now, as this region could start a strong price rally for XRP.
XRP Struggles Ahead Of Market Retracement
Ahead of a potential Bitcoin price retracement towards a region of $102,000, which could force the XRP price to break above the $2.6 resistance, which has prevented the price of XRP from trading higher like many altcoins, hitting double-digit gains.
If the price of XRP loses its major support and demand zone of $2, we could see fear from traders and investors who are losing patience with the crypto asset that continues to make headlines following fundamental news.
Ali Martinez, using on-chain data, has identified over 60 million XRP sold out in the last few days, suggesting mixed feelings about XRP’s potential as the price has struggled to rally above $3. A strong talking point for traders and investors would be seeing the price of XRP break out to begin a bullish price run.
XRP Price Analysis Ahead Of Monthly Close
Source – XRP Price 1D Analysis From TradingView
Macroeconomic events have affected the crypto market heading into the weekend as the price of BTC and other altcoins experienced a price decline, leading to uncertainty in the market, as the price of BTC retracing to $102,000 could see XRP suffer a decline, too.
If the price of XRP breaks above its key resistance of $2.6 and trades higher, we could see a market sentiment shift from whales to bulls as they look to push the price of XRP to new highs, possibly towards $5.
Whales would be buying their time this week to watch the XRP price reaction ahead of its monthly close to ascertain the market’s direction.
