U.Today – XRP’s recent rally has come to a halt after achieving highs near $3, leaving the market wondering what happens next. Amid the current uncertainty on the crypto market, XRP appears to be consolidating, particularly in its trading pair. Could a breakout against BTC be on the horizon?
Over the past few weeks, XRP has been a standout performer, gaining traction amid positive developments in the broader crypto market and positive sentiment around the Ripple USD (RLUSD) stablecoin launch.
XRP rose to highs of $2.90 on Dec. 3, while also reaching highs of $0.00003 in its Bitcoin pairing, a level last seen in May 2021.
However, after this feat, the rally seems to have entered a cooling-off phase. The trading pair, which assesses XRP’s relative strength to Bitcoin, has slowed and settled into a range, signaling that the next move could be pivotal.
Traders are eyeing the $0.0000265 and 0.00003 BTC levels as significant barriers for XRP. A breakthrough above these key levels could signal the next leg of the rally.
XRP’s rally may have paused, but the market is on the lookout for a clear direction on where it trends next. Whether XRP breaks out or declines, its next moves might shape its trajectory in the short term.
price analysis
At the time of writing, XRP was down 0.73% in the last 24 hours to $2.29. XRP has moved in a range since hitting highs of $2.90 on Dec. 3. The RSI around the midpoint indicates a balance between supply and demand, implying the likelihood of range trading between $1.90 and $2.90 in the coming days.
The recent price action has created a symmetrical triangle pattern, which is often regarded as a continuation pattern but sometimes acts as a reversal pattern. If the price rises and breaks above the triangle, the chances of a break above $2.91 increase.
A break and close below the triangle, on the other hand, may indicate that XRP has reached its short-term peak. Such a move might pull XRP to the 50-day SMA at $1.73.
This article was originally published on U.Today
