This Time Its Different for XRP Heres Why
A well-known analyst has insisted that this cycle presents a different outlook for XRP as the altcoin maintains a trendline that has previously led to declines.His analysis comes amid the ongoing market recovery push that saw Bitcoin (BTC) reclaim $100,000 and Ethereum (ETH) push above $2,300. While XRP has also observed a mild uptick, it has failed to breach any crucial resistance level, still languishing at the lower end of the $2 region.Despite this slower rebound rate, XRP still maintains an extremely bullish positioning, according to a chart presented by pseudonymous market analyst "Guy on the Earth." His latest commentary confirms that the altcoin has continued to hold above a crucial horizontal trendline that historically led to declines.XRP Gives up the Horizontal Trendline at $2For context, after XRP recorded its historic 68,990% explosive rally from $0.0055 in March 2017 to the all-time high of $3.8 in January 2018, it faced massive resistance at this peak. Notably, amid this upsurge, XRP crossed above a critical horizontal trendline stationed around the $2 mark. However, after touching the $3.8 price level, the altcoin saw a massive pullback, relinquishing the $3 psychological mark and subsequently, the $2 level. By giving up the $2 region, XRP essentially broke below the critical horizontal trendline, flipping it from support to resistance. It bears mentioning that the asset was incapable of maintaining this level for up to one month. Specifically, XRP first conquered $2 on Dec. 30, 2017. Nonetheless, by Jan. 13, 2018, after two weeks, it had already dropped below the price level. This Time is Different However, it appears this time might be different, pointing to better resilience and the potential for higher gains. Data from the analyst's chart shows that the horizontal line at the $2 mark served as resistance from January 2018 until December 2024. An earlier attempt to breach it in April 2021 met a roadblock at $1.96.
Text source: The Crypto Basic
