XRP price faces important resistance that causes its price to halt any potential advance toward new heights. Market analysts track XRP price ability to breach this resistance threshold. Such a move would reveal its upcoming major price trajectory.
Key Resistance Levels Holding Back XRP Price Growth
According to crypto Analyst, Dom, XRP price has encountered strong resistance within the $3.15 to $3.50 range that stops it from attaining fresh all-time record highs. XRP has made multiple attempts to breach this resistance zone but failed each time thus strengthening resistance levels. The cryptocurrency will see substantial price increases after breaking this important resistance point.
Consequently, the resistance zone has proven to be a formidable barrier over the past few months. Traders are now closely watching for any signs of a shift, as surpassing this level could signal a major upward trend.
XRP/BTC Pair Struggles Against Long-Standing Resistance
More so, the XRP/BTC currency pair maintains ongoing resistance within the crucial boundaries spanning from 0.000028 BTC to 0.00003415 BTC. XRP faced rejection from this resistance level nine times in seven years which makes it a significant barrier to its success.
XRP Price increased by a minimum of 150% after XRP successfully breached its breakdown level in previous instances.
XRP/BTC pair chart | Source: X
Currently, the XRP/BTC trading pair maintains an approximately 0.00002785 BTC position that reaches near the current resistance zone limits. A successful XRP breakout at this critical point could result in a substantial price surge.
Should XRP advance beyond this level, it means that it could gain value against BTC, and change the trend of the cryptocurrency.
XRP Market Dominance Faces Critical Threshold
Furthermore, Dom noted that XRP needs to surpass 5% to 6% resistance of the total market cap to overcome its present market dominance of 4.93%.
The historical resistance barrier has prevented XRP from attaining a larger market share across the cryptocurrency landscape. XRP needs to break past these levels to achieve an essential strategic milestone in its development.
XRP price dominance chart | Source: X
The analyst predicts XRP may reach a market cap value of $377 billion if it gains between 12% and 13% dominance over current market share levels.
Such price growth would establish $6.50 as the newest all-time high. The achievement of market dominance would increase investor confidence and establish XRP as a leading force in the cryptocurrency industry.
Additionally, any positive news like approval of XRP ETFs or positive legal decisions can act as a catalyst for the XRP to pierce through the resistance zones. If these conditions align, XRP could experience a major breakout, driving its price toward new highs.
At press time, XRP price is trading at $2.67, down 3.37% in the last 24 hours. The asset faces immediate resistance around $2.75, with support at $2.60. A break above $2.75 could target higher levels.
