Ripple’s XRP is currently down by more than eight percent in the last 24 hours and is trading near the $2.33 levels. The price has rallied 60 percent in the last seven days and according to analyst Josh of Crypto World, XRP is in a strong bullish trend on the larger time frames despite encountering resistance.
The analyst also observed that XRP failed to follow through on a breakout past the $2.80 level, which acted as a short-term resistance. After a brief push higher, the price quickly rejected, breaking back down.
Major Resistance Around $3
XRP has encountered significant resistance near the $3 level, a crucial psychological point and also a Fibonacci extension. XRP’s all-time high (ATH) is just slightly above $3, around $3.30. This makes the $3 mark an even more critical point for the price action since it’s very close to the ATH. Typically, when the price approaches an ATH, it tends to face resistance due to the historical significance of that price point.
Short-Term Pullback
XRP has faced a small pullback after reaching the $3 resistance. This is normal in bullish markets, and it doesn’t mean the market is turning bearish. Short-term pullbacks can happen even during larger upward trends.
Given the rejection at $3 and the current price behavior, it’s possible we could see a deeper pullback in the short term. A pullback could test lower support levels, such as $2.50 or even $2.30, providing a better entry point for those looking to re-enter long positions.
Sustained Bullish Trend:
However, despite short-term fluctuations, the long-term outlook remains bullish. XRP is still in a broader upward trend, and these pullbacks could provide opportunities for traders to accumulate more positions at favorable prices.
