XRP is gradually climbing the market ranks, but in order to soar above the $3 mark once again, it faces a critical hurdle: the 200-day simple moving average (SMA) located at $2.36. This level has proven to be a formidable resistance rather than a launchpad for further gains.
Currently, XRP is trading at around $2.29, reflecting a modest increase of 0.9% over the past 24 hours. Analysts emphasize that for a successful breakout, XRP needs to solidify its position above $2.30, which has become the battleground for bullish sentiment. The consolidation phase observed lately, with a series of higher lows, has allowed XRP to reclaim crucial ground between $2.20 and $2.30. This range coincides with the 50-day SMA ($2.22) and 100-day SMA ($2.20), creating a pivotal support zone that bulls are eager to defend.
The 200-day SMA at $2.36 remains a significant barrier. Historically, surpassing this line has led to substantial rallies, including a notable 430% surge in late 2024 when XRP shot up to $2.90 in just over a month. The current technical setup suggests that while the path to $3 is fraught with hurdles, it is becoming increasingly viable.
Analysts are observing promising signs of momentum. CasiTrades noted that XRP is positioned at the convergence of multiple trendlines, ready to challenge the $2.30 resistance. She believes that breaking this level could lead to targets of $2.69 and $3.04. Additionally, the XRP/BTC trading pair has recently broken above a long-standing downtrend, indicating a potential shift in market sentiment and adding further strength to XRP’s case.
However, the critical challenge remains: bulls must push XRP past the $2.36 threshold to reclaim momentum. If the current bullish indicators hold, there is optimism that XRP may not only cross that barrier but also aim for the elusive $3 mark once again.
Overall, while the road ahead for XRP is challenging, technical analysis and positive market behaviors suggest a potential revival, offering hope to investors seeking to reclaim lost ground. The market remains watchful, eager to see if XRP can indeed shake off previous shackles and return to higher territory.