By Brenda Collins
XRP, the sixth-largest cryptocurrency by market cap, has been bullish in recent weeks. However, the altcoin’s most recent rise has run across significant resistance at the $0.80 level. At the time of publication, the price of XRP has risen by 0.30% to approximately $0.5263.
Over the past few weeks, XRP has been bullish, frequently closing above the 20-week moving average. A cryptocurrency news source called Egrag Crypto has constantly been monitoring XRP’s trend and has observed the altcoin’s recent strong performance. However, the recent increase in XRP has run against significant resistance at the $0.80 level.
It remains to be seen if XRP can overcome this resistance level, which has historically been a key barrier for the altcoin. Many supporters of XRP are confident that the altcoin can overcome this barrier and keep moving up. According to Egrag, XRP may soon hit new all-time highs if it can rise beyond the $0.80 barrier.
Mixed Sentiment, Permutations Thrill The Recent XRP Market Activity
Price data from CoinMarketCap showed that the XRP traded at $0.5263 in the early hours of today after the price increased by 0.30% in 24 hours. This development has ranked it among other top cryptocurrency performers like Ethereum (ETH) and Bitcoin (BTC), whose prices surged by 0.40% and 0.42%, respectively.
Also read:This development has continued even at the time of writing, reaching the “green zone” at +11.21%. On the other hand, the current positive price trend isn’t reflected in XRP’s market trading volume. As of the last 24 hours, the coin’s trading volume declined, losing over 30%, and is currently at $593,361,829.
Meanwhile, the recent market capitalization for the XRP stands at $27,361,214,847, ranking #6 on the cryptocurrency with the biggest market capitalization chart, with the USDC taking the 5th position. At the same time, Cardano ranked 7th on the chart.
Rakesh Upadhyay: a cryptocurrency analyst with Cointelegraph, says that should the price continue to decline, the bear will leverage the opportunity to drag down the price below $0.47, which is its 20-day EMA (Exponential Moving Average). Upadhyay claimed that should traders (especially buyers) push the price above $0.56 and $58, it may continue until it hits $0.65 before reaching $0.80.
The $0.80 level has proven to be a significant hurdle for XRP’s most recent positive trend. Investigation on Jacob Bury’s Discord, Cryptohub, and Twitter platforms on trader behavior reveals that some are optimistic that the altcoin may overcome this resistance level and keep moving upward. Changelly’s Daria Morgen is still perturbed about the future of XRP, fearing that it is yet to be determined what the future holds for XRP, given how quickly the cryptocurrency business is developing.
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