XRP on the Brink of Major Price Discovery After Reaching 7-Year Peak
Key Takeaways:
- XRPs market value hits a 7-year high, surging past $3.39 for the first time since January 2018.
- Over 2,365 $100K+ XRP transactions recorded in just 8 hours, the highest spike since December 23.
- XRP faces historic resistance levels across multiple charts, signaling a potential for significant market moves.
The monumental feat sparked XRP to a market value of $3.39, a level not seen since January 2018. As Santiment explained, this has been joined by a surge in transactions, as more than 2,365 transfers of over $100,000 each occurred in the space of 8 hours.
The surge was the most intense since late December and pinpoints growing momentum within the digital asset XRP. As this increase was observed, there is a surge in total XRP holders that further consolidates its status as one of the topmost digital assets. Now, for the first time, the cryptocurrency has to sail through the toughest resistance zone in history.
Battling Unprecedented Resistance Levels
From the XRP/BTC chart, the cryptocurrency is facing its toughest battle evera resistance zone that has rejected it eight times in the last seven years. Historically, a break above that level has often seen prices rally massively, with gains above 150%.
the cryptocurrency dominates the total crypto market cap in similar fashion and is gunning for the threshold between 5%-6%. In such a scenario, it could command as high as up to 12% of the market, an eventual game-changer of events in the crypto world.
This resistance also extends to other denominated charts, including XRPs valuation against gold, the NASDAQ, and even Tesla. The overarching theme across these metrics is clear: breaking past these levels could unleash a powerful leg of growth, possibly driving the asset into uncharted price discovery territory.
XRP Near-Term Outlook and Consolidation
The longer-term view remains bullish, but a cooling-off period might not be that far-fetched. After such a fierce 40% rally, a consolidation phase could set the market healthy again. Major resistance in the Binance order book is still unforgiving and requires much higher liquidity to get through the larger sell walls.
In the wider cryptocurrency market, Bitcoin has also reached critical levels that have impacted XRPs direction. If Bitcoin undergoes a short-term correction, this could be replicated in the cryptocurrency, setting the stage for a more forceful rally later.
The confluence of charts and historical trends points toward an exciting period for the cryptocurrency. Several resistance zones being tested on different metrics do point to a very high possibility of explosive growth. But a word of caution: short-term volatility may well precede any big breakout.
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Read more: https://www.tronweekly.com/xrp-on-the-brink-of-major-price-discovery/
Text source: TronWeekly
