XRP Falters Among Top 10 Cryptocurrencies...A Delayed Rally Begins

▲ XRP

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

Follings observed that XRP is still failing to cross key resistance levels amid the cryptocurrency market's efforts to recover this year's losses. The overall cryptocurrency market dipped to $2.22 trillion in March, then began to rebound in April, with its market cap rising to $2.68 trillion at the time of reporting. Since March, the market has added $460 billion in valuation, rising over 14%.

Compared to the market's rebound, XRP's growth rate has been limited. The cryptocurrency market rose 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 showed double-digit growth, but XRP only rose 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 18.28%, Ethereum (ETH) 10.13%, BNB 11.03%, Solana (SOL) 15.3%, and TRON (TRX) 11.5%. XRP recorded the lowest growth rate among the top 10 cryptocurrencies, failing to keep pace with the overall market recovery.

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

On April 17, XRP tested the same area again but was rejected around $1.51, experiencing a pullback. Recently, XRP has been fluctuating around $1.46, remaining within the channel, and 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 channel's upper trendline at $1.50 to confirm a resistance breakout.

Follings' chart presented a scenario where, after a breakout and a retest of the upper trendline, XRP would head towards the $1.60 area. The Crypto Basic reported that if XRP surpasses $1.50, it could become the next big mover in the altcoin market.

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