U.Today: XRP's recent rally has stalled after hitting highs near $3, leaving the market wondering what will happen next. Amid the current uncertainty in the cryptocurrency market, XRP appears to be consolidating, particularly in its trading pair. Could a breakout against BTC be on the horizon?
In recent weeks, XRP has been a standout performer, gaining traction amid positive developments in the broader crypto market and positive sentiment surrounding the launch of the Ripple USD stablecoin (RLUSD).
XRP rose to highs of $2.90 on December 3, while hitting highs of $0.00003 on its Bitcoin pair, a level last seen in May 2021.
However, after this feat, the rally seems to have entered a cooling phase. The trading pair, which assesses the relative strength of XRP against Bitcoin, has slowed and settled in a range, indicating that the next move could be pivotal.
Traders are considering the BTC levels of $0.0000265 and 0.00003 as major barriers for XRP. A breakout above these key levels could signal the next leg of the rally.
The XRP rally may have stalled, but the market is looking for a clear direction on its next trend. Whether XRP goes up or down, its next moves could shape its trajectory in the near term.
price analysis
At the time of writing, XRP was down 0.73% in the last 24 hours to $2.29. XRP has been range-bound since hitting highs of $2.90 on December 3. The RSI around the midpoint indicates a balance between supply and demand, implying the likelihood of trading in a range between $1.90 and $2.90 in the coming days.
The recent price action has created a symmetrical triangle pattern, which is often considered a continuation pattern but sometimes acts as a reversal pattern. If the price rises and breaks the triangle, the chances of breaking above $2.91 increase.
On the other hand, a break and close below the triangle may indicate that XRP has reached its short-term peak. Such a move could take XRP to the 50-day SMA at $1.73.
This article was originally published on U.Today.
