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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

XRP Shows Strength Amid $3 Retest, But Analyst Warns Of Potential Correction

Rubmar Garcia
Rubmar Garcia
5 days ago
3 mins read
SEI, Litecoin, Sonic, Fantom, SUI, Dogwifhat, Solana, XRP, ONDO, Injective, ZORA

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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XRP has recovered from the recent market pullback and is attempting to confirm the $3.00 level as support. However, an analyst suggested that the cryptocurrency risks a new retest of the range lows before bullish momentum continues.

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XRP’s Daily Close Key For Momentum

XRP has reclaimed a crucial level as support while the crypto market stabilizes from this week’s market downturn. The altcoin has been trading sideways over the past week, hovering between $2.85-$3.10 range.

The cryptocurrency retested the range lows, holding the lower boundary as support during the recent market volatility. Now, the price surged 7% from Monday’s lows to the $3.08 area before retracing to the $3.00 mark.

On Wednesday, analyst Ali Martinez noted that XRP was rejected from local resistance, around the $3.10 area, for the third time, which could signal a new correction to the range lows similar to the previous attempts.

XRP
XRP risks drop to range lows after rejection. Source: Ali Martinez on X

If the altcoin fails to hold the current level as support and loses the mid-range area, its price could drop to $2.83, risking a fall below the local range and a deeper correction.

On the contrary, if bullish momentum continues and the cryptocurrency breaks out of the crucial resistance, its price could rally to the August high levels, between $3.20-$3.40.

Similarly, analyst Cryptoinsightuk noted that XRP had a positive daily close, adding that the “RSI crossed bullish and even throughout this pullback we’ve seen no change in structure.”

Nonetheless, he suggested that the cryptocurrency needs to continue its momentum with a second day of follow-through price actions and trading volume. The market watcher asserted that a daily close above the $3.14 area will set up the stage for a rally to the $3.40 resistance in the coming weeks.

Is A 2017-Like Rally Coming?

After its July rally to its latest all-time high (ATH) of $3.65, the altcoin has been consolidating within a bullish pennant, with price compressing between the pattern’s resistance and support levels.

Analyst GalaxyBTC also noted that XRP has been compressing between two parallel levels, repeating its 2017 playbook. Previously, the cryptocurrency hovered between the previous ATH level and the rally breakout level, which was turned into support.

Following a consolidation period, the cryptocurrency broke out of this range and recorded a massive rally to its 2018 ATH. This time, XRP turned the $1.70 area into support last November and has been consolidating between this level and the previous ATH for the past eight months, which could suggest that the rally isn’t over yet.

If history repeats, a massive breakout will follow once the altcoin breaks out of the previous ATH resistance and turns it into support.

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Chainlink Ready For Massive Breakout? A 15% Drop May Come First

6 days ago

Moreover, the analyst highlighted a key level in XRP’s trading pair against Bitcoin (BTC), explaining that the 0.00003014 area has been a resistance in the XRP/BTC chart over the past six years.

While the XRP/BTC pair continues to near this resistance, the market watcher considers that “the timing is perfect, as breaking out will put us well into price discovery on the USD pair.”

As of this writing, XRP is trading at $3.02, a 3.3% increase in the weekly timeframe.

XRP, XRPUSDT
XRP’s performance in the one-week chart. Source: XRPUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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