XRP has emerged as the underperformer among the top ten tokens by market cap amid a notable rally across the rest of the crypto market.
The token has recorded modest growth in daily and weekly price movements compared to its rival altcoins. XRP’s price increased by less than 1% over the past 24 hours and approximately 4% over the last week.
This growth pales in comparison to BNB, whose price growth nearly doubled that of XRP and significantly lags behind altcoins like Solana and Avalanche, which have experienced spikes of over 15% in the same period. Even the market leaders, Bitcoin and Ethereum, have posted gains of over 12%.
On a closer analysis, it appears that XRP has encountered a critical resistance level. Despite a period of bullish momentum that had previously captivated the interest of investors and traders alike, recent price action reveals a retracement from the 26-day Exponential Moving Average (EMA). This threshold typically isn’t a formidable barrier in a strong bull market.
Should XRP continue to face rejection at the 26-day EMA, the potential for a rapid retracement looms, posing a significant risk of triggering a downward rally. Such a scenario would be detrimental for XRP, marking a critical juncture for the asset.
To sustain investor confidence and signal the potential for a continued upward trajectory, XRP must consolidate its recent gains and break through this pivotal resistance. The coming days will determine whether XRP can overcome this challenge and align with the broader market’s upward momentum.
Source : crypto.news / Feb 13, 2024