Ripple’s cross-border payments coin XRP has reached a critical resistance level today. Will the momentum continue, or is it a bull trap?
XRP is one of the top ten’s top performing cryptocurrencies today. It hit a six-week high of $0.404 an hour or so ago during the morning hours of Jan. 16.
This is the highest the asset has traded for since late November 2022, when it reached a similar price level.
The $0.40 zone is a crucial resistance area for the asset, which it failed to break above six weeks ago.
Furthermore, the coin has made 5% over the past 12 hours. This has seen it outperform the major assets above, including БНБ, ЕТХ, и БТК.
XRP Long-Term Opportunities
The longer-term view for XRP shows a more appealing buying opportunity at current levels. Technical analysts have targeted $0.445 as a bullish breakout level to catalyze more momentum.
Nevertheless, its next short-term move will likely be governed by what Bitcoin does next. BTC has made 27% on the week, wiping out all losses that followed the FTX collapse.
If it is the bear trap that some analysts have suggested, the rally will be short-lived. If it pans out, this will likely result in declines for all cryptocurrencies, including XRP.
Even some Ripple aficionados think the bottom is not yet in for the current market cycle.
Source: https://beincrypto.com/xrp-tops-0-40-in-largest-move-in-six-weeks-where-to-next/