Presently, XRP is underperforming, echoing the trend observed in 2017. As of now, XRP is trading at $0.5445, down 0.04% for the day. The altcoin has been consolidating within a symmetrical triangle pattern since early October, highlighting the critical resistance level around $0.55.
A successful breakout above this threshold could pave the way for further gains, with the next target at $0.5929. Additional resistance levels include R1 at $0.6549, R2 at $0.6932, and R3 at $0.7553
Despite the optimistic long-term perspective, caution is warranted in the short term. Should XRP fail to break above the $0.55 level and experience increased selling pressure, key support levels to watch are S1 at $0.5309, S2 at $0.4926, and S3 at $0.4305.
XRP’s Relative Strength Index (RSI) stands at a neutral 59, indicating potential for upward momentum without entering overbought territory.
Plus, the Stochastic oscillator is neutral at 55.4, reflecting a balanced market sentiment with no dominant bullish or bearish forces at play.
Steph’s analysis points to previous cycles where inflows of liquidity propelled XRP’s price. Notably, during the 2017-2018 and 2020-2021 periods, XRP experienced substantial rallies amid increasing liquidity.
For instance, in 2017-2018, XRP’s price skyrocketed by a whopping 60,000%, reaching an all-time high of $3.31 in January 2018. .
