- XRP fell 25% after a 500% rally, while Bitcoin surged to $100K, shifting market dynamics.
- Ripple focuses on key price levels as technical patterns hint at a potential bullish reversal above $2.1793.
- Ecosystem growth and regulatory updates, including RLUSD stablecoin development, strengthen Ripple’s position in the cryptocurrency market.
Just recently, XRP has documented a 25% fall, clearing the gains that it had experienced, while Bitcoin surged to an ATH of $100,000. This market move has introduced questions about whether Ripple’s recent rally is over or if the coin has the potential for additional growth.
Technical Levels Hold Clues to XRP’s Next Move
XRP had ascended by nearly 500% from November 1 to December 3 before the recent pullback, which raised investor concerns. On the daily chart, XRP appears to be forming potential reversal patterns, including a doji candlestick.
These patterns often precede bullish reversals if they form above key support levels. For XRP, the pivotal level to watch is $2.1793, as a daily close above this price could lead to a rebound. Analysts have pointed out that a breakout above the year-to-date high of $2.90 could pave the way for a rally toward $3.37, the coin’s all-time high.
Conversely, if XRP closes below $2.1793, the price may fall to $1.6475, a key level based on the 50% Fibonacci retracement. Such a drop would signal that the rally has paused, and further consolidation or downside could occur.
Ripple’s Progress and Broader Crypto Trends
Further expanding Ripple’s ecosystem and exploring regulatory needs, Ripple has made upgrades. Brad Garlinghouse, CEO of Ripple, welcomed Paul Atkins’ selection by Trump to be the next SEC seat to deal with the agency. Ripple is set to launch its RLUSD stablecoin, designed to improve institutional cross border payments, but this outcome indicates the opposite.
The crypto market is also contributing to XRP’s move, with Bitcoin’s rise above $100,000 and increased activity in the altcoin market creating favorable conditions. Indicators such as the crypto fear and greed index, which remains above 80, suggest continued interest in the market.
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