The cryptocurrency market is surging, and Bitcoin is getting closer to the $103,000 mark at the time of writing. Ethereum has increased by over 19%, and altcoins are following suit. XRP is trading above $2.30 and contributing to the bullish sentiment, as the SEC has submitted a settlement agreement letter.
The bearish trend still exists – Currently
According to analyst Josh from Crypto World, on the larger 3-day chart, XRP is technically still showing signs of a bearish trend. This has been happening for months, and it continues to see lower highs and lower lows — which is typical of a downtrend. Although there have been some small price increases in the short term along the way, the larger trend has yet to shift to bullish.
Market conditions may change the picture
However, that may change soon. XRP has a strong correlation with the overall cryptocurrency market, especially with top coins like Bitcoin, Ethereum, and Solana. If these coins continue to rise, XRP may eventually break free from this downtrend.
Main resistance level at $2.45
To confirm a true trend reversal, XRP will need to break through the important resistance level around $2.45. If we see a strong daily candle closing above that level, followed by higher lows on the chart, it could signal the beginning of a new uptrend.
Could reach all-time highs if a breakout occurs
If XRP confirms this bullish breakout, there is a strong possibility that it could begin to return to all-time highs. But until that happens, it is important to expect resistance around $2.33 to $2.45.
XRP is still following Bitcoin
Like most altcoins, XRP tends to move in the same direction as Bitcoin. Therefore, if Bitcoin continues to rise, we can expect XRP to also increase in the short term — just like it is now.