XRP struggles to keep up with cryptocurrency rally, encounters significant resistance amidst market surge
XRP, one of the top ten tokens by market cap, has been performing poorly compared to other cryptocurrencies in the recent market rally.
While other altcoins have experienced significant price surges, XRP’s growth has been modest. Over the past 24 hours, its price has only increased by less than 1%, and over the last week, it has seen a growth of approximately 4%. This is in stark contrast to BNB, which has almost doubled XRP’s price growth, as well as altcoins like Solana and Avalanche, which have seen spikes of over 15% in the same period. Even Bitcoin and Ethereum, the market leaders, have posted gains of over 12%.
A closer analysis reveals that XRP has hit a critical resistance level. Despite a previous period of bullish momentum that attracted the attention of investors and traders, recent price action shows a retracement from the 26-day Exponential Moving Average (EMA). Usually, this threshold is not a significant barrier in a strong bull market.
If XRP continues to face rejection at the 26-day EMA, there is a high risk of a rapid retracement, which could trigger a downward rally. This would be detrimental for XRP and could mark a crucial turning point for the asset.
To maintain investor confidence and signal the potential for further upward movement, XRP needs to consolidate its recent gains and break through this pivotal resistance. The next few days will be crucial in determining whether XRP can overcome this challenge and align itself with the broader market’s upward momentum.
