- XRP gained 7% today following regulatory license approval in Dubai, showing remarkable strength while maintaining stability over the past 90 days despite broader altcoin downtrends.
- XRP is approaching critical resistance at the 50-day and 100-day simple moving averages around $2.54, trading within an ascending channel pattern.
- A successful breakout above $2.54 resistance could push XRP toward $3.00 and potentially initiate a broader bullish continuation phase.
- Failure to break resistance may result in a pullback toward the $2.00 support range before any potential upward movement.
Date: Sat, March 15, 2025 | 05:10 AM GMT
The cryptocurrency market is showing signs of stabilization as Bitcoin (BTC) is up by over 3% today, recovering from its weekly low of $76K to the current price of $84K.
Despite the turbulence in major altcoins, which have been experiencing a significant downtrend since the late 2024 rallies, XRP has shown remarkable strength, maintaining stability over the past 90 days. Gaining momentum from its recent regulatory license approval in Dubai, XRP surged by an impressive 7% today, bringing it closer to a key resistance level.
XRP Approaches MA Resistance
On the daily chart, XRP is trading within an ascending channel while also forming a potential head and shoulders pattern.
After testing the lower support area around $2.00, XRP has rebounded to $2.45 and is now approaching a critical resistance of 50-day and 100-day simple moving averages (SMAs), located around $2.54.
A successful breakout above this level could initiate a promising uptrend, pushing XRP toward the $3.00 resistance zone. A move above this level could lead to a test of the ascending resistance trendline of the channel, potentially marking the beginning of a broader bullish continuation.
However, failure to break above the resistance could result in a pullback toward the $2.00 support range before any potential bullish continuation.
What’s Next for XRP?
If XRP breaks through its key resistance of SMA’s around at $2.54, the next major resistance level to watch will be the $3.00 range, followed by the upper trendline of the ascending channel. A confirmed breakout could solidify a new bullish phase, especially if Bitcoin and the broader crypto market maintain their momentum.
On the other hand, a rejection at resistance could lead to a retracement toward the $2.00 support zone.
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