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XRP's recent move toward the $2.2 resistance looked like it might break through, finally. What traders got instead, though, was another firm rejection — the fourth in four weeks.
It's no secret that XRP is one of the most popular cryptocurrencies in the market, and all that should be known about its price is currently happening on the weekly chart.
Arman ShirinyanRecently, XRP touched $2.2 again before dropping back, following a familiar pattern the market has seen a few times now, with each try having been met with selling pressure, keeping the altcoin's price trapped in a tightening range.
This week in particular the setup seemed good, but when there's a sudden spike in resistance without follow-through, it usually makes people more cautious than hopeful. And rightly so, it seems.
At this point, there are two scenarios that stand out. If XRP breaks out over $2.2 — and stays strong at the close this week — it could go as high as $2.4, where the next real challenge awaits.
Alex DovbnyaAnother rejection, however, might drag XRP back toward the $1.9-$1.95 support zone, where prices have fallen in recent weeks. It's a well-known spot, but each retest pushes the support a bit further, making the range harder to predict over time.
It's clear that momentum is at a crossroads. The four-time failure at $2.2 shows that sellers are still pushing it, but the steady base above $1.9 shows that buyers aren't ready to give up either. The tug-of-war continues — and the next big move could set the tone for XRP's summer.
Vladislav Sopov
Dan Burgin