XRP's current transfer towards the $2.2 resistance appeared prefer it would possibly break by way of, lastly. What merchants received as a substitute, although, was one other agency rejection — the fourth in 4 weeks.
It's no secret that XRP is among the hottest cryptocurrencies out there, and all that ought to be recognized about its worth is at present occurring on the weekly chart.
Just lately, XRP touched $2.2 once more earlier than dropping again, following a well-known sample the market has seen a couple of occasions now, with every attempt having been met with promoting strain, retaining the altcoin's worth trapped in a tightening vary.
This week particularly the setup appeared good, however when there's a sudden spike in resistance with out follow-through, it often makes folks extra cautious than hopeful. And rightly so, it appears.
At this level, there are two situations that stand out. If XRP breaks out over $2.2 — and stays sturdy on the shut this week — it might go as excessive as $2.4, the place the subsequent actual problem awaits.
One other rejection, nonetheless, would possibly drag XRP again towards the $1.9-$1.95 assist zone, the place costs have fallen in current weeks. It's a widely known spot, however every retest pushes the assist a bit additional, making the vary tougher to foretell over time.
It's clear that momentum is at a crossroads. The four-time failure at $2.2 reveals that sellers are nonetheless pushing it, however the regular base above $1.9 reveals that patrons aren't prepared to surrender both. The tug-of-war continues — and the subsequent massive transfer might set the tone for XRP's summer season.
