XRP trades above $2.30 as crypto rally continues, but analysts warn trend reversal depends on key resistance break - IcoHolder.

The cryptocurrency market is experiencing a surge, with Bitcoin approaching the $103,000 mark and Ethereum posting an impressive 19% gain. Altcoins are following suit, and XRP is no exception, trading above the $2.30 level, adding to the growing bullish sentiment. This surge is further fueled by the recent settlement agreement letter filed by the U.S. Securities and Exchange Commission (SEC), which has lifted market confidence in XRP.

However, despite the positive momentum, XRP is still technically in a bearish trend on the larger 3-day chart. Analyst Josh from Crypto World points out that while there have been short-term price increases, XRP continues to show lower highs and lower lows, which is typical of a downtrend. The larger market structure has not yet signaled a bullish reversal.

This could change soon, as XRP’s price movement is closely tied to the overall performance of major cryptocurrencies like Bitcoin, Ethereum, and Solana. If these top coins continue to rise, XRP may finally break free from its downtrend.

To confirm a true trend reversal, XRP needs to break above a key resistance level at $2.45. A strong daily close above this level, followed by a higher low, could signal the start of a new uptrend. If this breakout occurs, there’s potential for XRP to revisit its all-time highs, but resistance between $2.33 and $2.45 should be expected in the meantime.

XRP, like many altcoins, tends to move in tandem with Bitcoin. If Bitcoin’s rally continues, XRP is likely to follow with short-term gains, mirroring the positive price action seen in recent days.