Even while the majority of assets are experiencing sporadic difficulties, the market as a whole is consolidating. With its more than 34% surge over the last week, XRP has shown promise on the wider market. According to CoinMarketCap statistics, XRP was trading for $0.7286 at the time of writing, up 3.2% in a day. There is going to be a significant hiccup with this economic trajectory.
XRP resistance level to watch
According to the current price level, XRP wants to break beyond the $0.80 mark. Over the previous few years, this price point has created a highly concerning resistance point for the coin.
The currency has had difficulty turning the $0.80 to $1 level into strong support, despite having previously traded at $3.84. Amidst the current bull market surge, XRP’s price has surpassed a 30-day peak of $0.7435. The currency may try to break through this level if the present trend continues.
Although it is not impossible, it is still unclear if the general market upswing will be sustained long enough to sustain this coin surge. In the XRP Ledger ecosystem, XRP should ideally have a clear use case. Additionally, it is essential to the Ripple Labs payment network, which promotes its wider use.
Notwithstanding these long-term applications, XRP’s expansion has shown itself to be independent of this utility vision, which might not raise its price in the future.
Core trigger to watch
With Bitcoin still running toward the $100,000 price mark, XRP has the leverage to sustain its mild bull run. The coin might get a parabolic boost if there is a major positive update in favor of Ripple Labs in its ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC).
XRP is constantly in the spotlight, and while the $0.80 resistance level seems like a major hassle, the coin might breach even higher price marks in this bull cycle.
