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Despite the reboot most assets are facing intermittently, the broader market is in consolidation mode. XRP has showcased a promising front on the broader market, with its more than 34% rally in the past week. As of writing, XRP was changing hands for $0.7286, up 3.2% in 24 hours, per data from CoinMarketCap. With this growth trend comes a major bump ahead.
XRP resistance level to watch
Per the current price level, XRP is looking to breach the $0.80 price level. This price point has formed a very troubling resistance point for the coin over the past few years.
Arman ShirinyanWhile it once traded at $3.84, the coin has struggled to flip the $0.80 to $1 level into formidable support. Amid the ongoing bull market rally, the price of XRP has topped a 30-day high of $0.7435. If the current trend continues, the coin might attempt to breach this level.
While this is not impossible, the question remains whether the broader market rally can last long enough to support this push for the coin. Ideally, XRP has a definitive use case within the XRP Ledger ecosystem. It also plays a crucial role within the Ripple Labs payment network, which helps enhance its overall adoption.
Despite these sustainable use cases, XRP’s growth has proven to decouple from this utility outlook, which may not boost its price moving forward.
Core trigger to watch
With Bitcoin still running toward the $100,000 price mark, XRP has the leverage to sustain its mild bull run. The coin might get a parabolic boost if there is a major positive update in favor of Ripple Labs in its ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC).
XRP is constantly in the spotlight, and while the $0.80 resistance level seems like a major hassle, the coin might breach even higher price marks in this bull cycle.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov