<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/jeff-bezos-sells-amazon-stocks-worth-billions-suspected-justin-sun-wallet-buys-259-million-in-eth" rel="noopener noreferrer nofollow">XRP</a> has recently encountered a substantial roadblock, reversing its course at a critical resistance level. This development may suggest a challenging period ahead for the asset, as it struggles to maintain its upward momentum.
The flat resistance, clearly visible on the chart, has acted as a significant barrier to XRP's progress. After testing this level, XRP has shown signs of a downturn, indicating that the asset might face downward pressure in the near future. The resistance, once hoped to be a launchpad for higher highs, has instead become a ceiling capping XRP's potential growth.
Currently, <a href="https://u.today/polkadot-dot-secures-spot-on-coinbase-futures-alongside-xrp-and-doge" rel="noopener noreferrer nofollow">XRP's</a> local support lies at around $0.52, a level that has historically provided some buoyancy for the price. A sustained break below this support could signal bearish sentiment, potentially leading to further declines toward the next support zone at around $0.50. <img alt="XRPUSDT Chart" data-entity-type="file" data-entity-uuid="7afb64ee-dce1-4f44-81ca-42acdd3ab5e6" src="https://u.today/sites/default/files/inline-images/image_507.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">XRP/USDT Chart by TradingView</a>
For a bullish scenario to materialize, <a href="https://u.today/shiba-inu-shib-bloodbath-5-lost-bitcoin-btc-loses-51000-minor-xrp-death-cross" rel="noopener noreferrer nofollow">XRP</a> would need to consolidate above the current support level and make another attempt to break through the resistance. Should it succeed, the next target would be the psychological threshold of $0.60, a level that could pave the way for a more significant rally.
In a bearish context, if XRP fails to hold the support at $0.52, the asset could slide further, with potential fall-back points at $0.50 and below. A breach of these levels could exacerbate selling activity, with investors looking to cut losses in anticipation of lower lows.
The robust resistance level poses a significant obstacle for XRP. The flat nature of this resistance suggests that there is a strong consensus among sellers at this price point. The inability of buyers to push the price beyond this barrier may lead to a loss of confidence, potentially triggering a sell-off.

XRP Makes Crucial Price Move, But Massive Roadblock Is Ahead

U_Today

Other articles published on Feb 23, 2024

Why MetaClip (MCLP) unifies investors over Binance as Ripple (XRP) & Cardano (ADA) rift continues

Pyth Network Experiences Price Drop with Potential for Rebound

Lamar Advertising Surpasses Q4 Expectations with $555.9 M in Revenue

BNB Climbs to New Heights While Bitcoin Stumbles

Block reveals Bitcoin-boosted earnings in its Q4 2023 report

FTX Settles Lawsuit with EU Founders, Drops $323M Claim

Join our free newsletter for daily crypto updates!