XRP is currently trading at $1.33, with a daily trading volume of $3.33 billion and a market cap exceeding $81 billion. The cryptocurrency saw a 7.9% gain following a breakout from a falling wedge pattern but is now consolidating near key resistance levels between $1.345 and $1.355. Analysts note that maintaining support above $1.30 is crucial for further upside, while a failure could see prices test lower supports around $1.25.
XRP price consolidated near $1.33 after declining from a recent high of $1.40. Maintaining levels above $1.30 could allow the cryptocurrency to attempt another upward swing.
The asset currently holds a market capitalization of $81.89 billion and a market dominance of 3.39%. It recorded a 3.61% loss in value over the past 24 hours.
As stated by Alpha Crypto Signal, XRP broke out from a falling wedge pattern. The price reclaimed short-term moving averages and retested the breakout zone as support.
That retest resulted in a 7.90% rise for XRP. The bullish formation will stay intact, provided that XRP can manage to stay above the breakout level.
XRP faced resistance after rallying beyond $1.355 and reaching a high of approximately $1.396. It has since pulled back below $1.340 and the 100-hour Simple Moving Average.
Immediate resistance now lies near $1.345, with a stronger barrier at $1.355. A breakout could target $1.365, then $1.388, with the next bull target near $1.425.
Failure to break the $1.345 resistance could extend the downtrend. First support would be at $1.322, followed by $1.318, a Fibonacci retracement level.
A close below $1.318 could push prices toward $1.311 and then $1.288. The next important downside level to be tested could be $1.25.
