Although most of the cryptocurrency market turned green following the announcement of a permanent deal between the US and Iran, Ripple’s token came out on top among the larger caps, surging from $1.05 at the start of the month to almost $1.30 yesterday.
However, its rally was stopped, and it now sits just under $1.25. EGRAG CRYPTO, a popular analyst who often weighs in on XRP’s price performance, believes the actual breakout confirmation is still far away.
This Is The Level
In their post on X, the analyst noted that the wick from the recent multi-year lows was “not random.” However, they added that sellers were quick to re-emerge at the key $1.30 resistance, while buyers stepped up at the lows just over $1.00. For now, XRP remains in a range between the two, and the most important levels for its positive future price performance are as follows:
$1.11 = survival zone
$1.21 = first strength
$1.28 = structure improves
$1.35–$1.38 = bulls gaining control
$1.51 = major breakout zone
They show that XRP has managed to go above the “first strength” area, since it trades above $1.21 now. However, the path to the actual breakout confirmation requires reclaiming several other key resistance zones. The ‘final boss’ is located at $1.51, a level that XRP challenged on several occasions between February and mid-May, only to be rejected each time and driven south.
Sentiment Improves as ETFs Still in Green
CryptoPotato reported earlier that the overall sentiment around the cross-border token has improved in the past several days after it had dropped to the lowest levels in months. The analysts at Santiment Intelligence have often argued that such a substantial decline in market sentiment is typically followed by market reversals, and this was another confirmation.
One of the key reasons behind XRP’s revival is the flows into the spot Ripple ETFs. Unlike most other crypto-focused exchange-traded funds, those tracking XRP marked another green week, and Monday was also positive, albeit in a minor manner.
Additionally, the company behind the token continues to make headlines. The latest adoption news came yesterday from Gate.io as the exchange listed Ripple’s stablecoin and even launched a trading pair against XRP.
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