XRP Faces Crucial Resistance on BTC Chart, Analyst Predicts Potential Breakout

News

  • XRP faces critical resistance between 0.00001700-0.00002300 BTC, requiring a breakthrough for further gains.
  • CredibleCrypto highlights flipping the red zone to support as a key step for XRP’s new ATH and potential $20 value.
  • XRP has rebounded from 0.00000611 BTC support, but it needs to clear major resistance to make a substantial upward move.

Cryptocurrency analyst CredibleCrypto clarified using the XRP/BTC chart as a barometer due to the USD chart for XRP not being as clear as he had hoped. His study indicates that the XRP/BTC chart’s red zone represents strong resistance.

The analyst thinks there’s a chance that XRP’s value might increase in relation to Bitcoin, possibly hitting 0.00001700–0.00002300 levels. However, before any significant profits can be realized, the chart shows that XRP must exit this red zone.

Key Resistance Level at Red Zone

With multiple highs and lows over the years, the XRP/BTC combination has displayed volatility. In the past, resistance has been noted between 0.00001700 and 0.00002300 BTC. This red zone has been a crucial area where XRP has faced price rejection during previous attempts to break higher. The latest analysis from CredibleCrypto notes that while the red zone remains a major obstacle, XRP could push higher, reaching the $1.50 to $2 range against USD before meeting significant resistance.

Source: CredibleCrypto

Moreover, the analyst emphasized the importance of flipping the dotted red line above the red zone to support. If this happens, it could signal the start of a major rally toward a new all-time high (ATH). Flipping this resistance zone is a critical step for XRP to push toward double-digit values against BTC. At current BTC prices, a new ATH on the XRP/BTC chart could easily push XRP above $20.

Recovery and Current Market Outlook

When XRP/BTC peaked in late 2017, it had difficulty sustaining its positive momentum. A negative trend with lower highs and lows was observed in the price between 2018 and 2020. Before retreating, the pair did, however, briefly rise above the 0.00001900 BTC range in 2021. Near 0.00000611 BTC, the price tested its prior support before the end of 2023. Because of its recent recovery from this support, XRP is currently trading at about 0.00001231 BTC.

Despite these fluctuations, XRP is in a recovery phase. Nevertheless, resistance must be overcome before XRP can make a more substantial move upwards. CredibleCrypto remains patient and is watching for potential entry points during dips.

The post XRP Faces Crucial Resistance on BTC Chart, Analyst Predicts Potential Breakout appeared first on Crypto News Land.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed

Leave a Reply