XRP, The Only One Stalling Among Top 10 Cryptocurrencies...A Late Rally Kicks Off

▲ XRP

While XRP has relatively lagged behind in the overall cryptocurrency market rebound, the breakthrough of the $1.50 resistance level has emerged as a key variable for the next upward trend. The Crypto Basic reported on the 13th that Sjuul Follings, founder of AltCryptoGems, pointed out XRP's sluggish performance and analyzed that it could become the next leading asset to move later than other altcoins.

Follings observed that XRP is still failing to overcome key resistance levels even as the cryptocurrency market attempts to recover this year's losses. The overall cryptocurrency market fell to $2.22 trillion in March, then began to rebound in April, reaching a market capitalization of $2.68 trillion at the time of reporting. Since March, the market has added $460 billion in value, rising by more than 14%.

Compared to the market's rebound, XRP's increase was limited. The cryptocurrency market rose by 8.53% in April and has recorded a 6.18% increase so far in May. During the same period, most of the top 10 cryptocurrencies saw double-digit gains, but XRP only rose by 8.2%, failing to break through the key resistance area around $1.50.

According to The Crypto Basic, during the same period, Bitcoin (BTC) rose by 18.28%, Ethereum (ETH) by 10.13%, BNB by 11.03%, Solana (SOL) by 15.3%, and TRON (TRX) by 11.5%. XRP recorded the lowest increase among the top 10 cryptocurrencies, failing to keep pace with the overall market recovery.

According to a chart shared by Follings, XRP is trading within a parallel horizontal channel on the 12-hour timeframe. This channel has acted as an obstacle preventing further upward movement. XRP once broke through this resistance area during the mid-March rally but fell back down after reaching $1.60.

On April 17, XRP tested the same area again but was halted around $1.51, followed by a retracement. Recently, XRP has been fluctuating around $1.46, remaining within the channel, and is attempting to break through the upper trendline coinciding with $1.50.

Regarding XRP's recent price movement, Follings stated, “The price is pushing that area, so it seems like it’s time to pay attention.” He believes that XRP needs to secure a candle close above the upper trendline of the channel, located at $1.50, to confirm a resistance breakthrough.

Follings’ chart presented a scenario where, after a breakthrough, XRP would undergo a retracement to retest the upper trendline, then head towards the $1.60 area. The Crypto Basic reported that if XRP surpasses $1.50, it could become the next major moving asset in the altcoin market.

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