The cryptocurrency market is showing signs of stabilization, with Bitcoin and XRP gaining in value.
Market Overview
The cryptocurrency market is showing signs of stabilization as Bitcoin (BTC) is up by over 3% today, recovering from its weekly low of $76K to the current price of $84K. Despite the turbulence in major altcoins, XRP has shown remarkable strength, maintaining stability over the past 90 days.
XRP Approaches Key Milestone
On the daily chart, XRP is trading within an ascending channel while also forming a potential head and shoulders pattern. After testing the lower support area around $2.00, XRP has rebounded to $2.45 and is now approaching a critical resistance of 50-day and 100-day simple moving averages (SMAs), located around $2.54.
What’s Next for XRP?
If XRP breaks through its key resistance of SMA's around $2.54, the next major resistance level to watch will be the $3.00 range. A confirmed breakout could solidify a new bullish phase. However, a rejection at resistance could lead to a retracement toward the $2.00 support zone.
The continuation of XRP's upward trend depends on overcoming key resistance levels. Investors should remain alert to changes in market trends.
