XRP price is currently trading at $0.55 with a 3% rise over the past 24 hours eyeing to breach the key resistance of $0.56. The seventh-largest cryptocurrency failed to hold its position above $0.56 yesterday after reaching $0.571. Prominent crypto analyst Credible Crypto on Twitter suggested that if XRP manages to get past the key resistance level it can mimic an 8X price rally similar to $HBAR.
In the quoted tweet below I stated that "we are at resistance". I have marked off that resistance level here in RED. Note that we ended up rejecting off of it, but now we have bounced back and are attacking it again. I'm quite hopeful that we will break it soon. $XRP https://t.co/6eyMY4w7fu pic.twitter.com/13GNDiwwDF
— Credible Crypto (@CredibleCrypto) March 26, 2021
XRP is forming a symmetrical triangle on a 24-hour high time frame and currently in the breakout phase where it breached the trend yesterday but faced rejection soon after. It is currently moving out of the triangle again with the eyes on a new yearly high.
XRP Eyes ATH With Altseason Nearing Its Peak
This bull run has seen Bitcoin triple its previous ATH and many altcoins including Ethereum, Cardano, and Polkadot also registered new ATHs. XRP’s run was cut short by SEC’s lawsuit against Ripple in late December followed by several crypto platforms delisting the third-largest cryptocurrency from their platforms. The series of events tanked XRP price to a new three-year low and many believed it was probably the end of the road for XRP. However, the altcoin has managed to steer through the controversy and rose to pre-lawsuits levels.
XRP’s price breakout from the symmetrical triangle post the key resistance of $0.56 could prove to be a golden run for the altcoin and help it breach the yearly high of $0.768 before setting eyes on its ATH of $3.84. The Altseaon this bull run has seen several phases where first Ethereum rose to its new ATH, followed by ETH ‘killers’ and later NFT tokens. XRP could potentially find its place in the Altseason with its upcoming bullish price action.