XRP Price Struggles to Break Key Resistance Levels, Analysts Remain Skeptical

XRP price has faced a challenging market environment over the past year, with its price struggling to break key resistance levels. While the market is showing

XRP price has had a bearish trend for a long time now and is far from its historical price levels. Macro analyst Northstar noted that XRP has declined by over 83% from its previous high.

He pointed out that the asset has experienced several breakdowns from the crucial support level that has been in place for a long time, and there is no sign of a trend reversal.

In mid-2023, XRP bounced back to $0.94 from the break of this support level but could not sustain its gains. A more severe breakdown took place in July 2024, when the price reached the $0.38 mark.

Although it had rallied to $0.65 in August, XRP has given back some of its gains and is presently trading at $0.54. According to Northstar, this decline is worrisome for the XRP price, with the cryptocurrency still struggling to trade above the long-term support line.

Highlighting XRP’s price performance on a shorter time frame, the technical analyst observed that XRP has declined by 9% within the past month. This, in turn, has negatively impacted its short-term outlook.

If XRP changed from a fake financial flop coin to a flat out meme coin, it would have a chance of pumping like everything else in crypto has already.

Add ADA to that list, too. The poor laggard is putting in NEW lows vs Bitcoin this cycle… ?? pic.twitter.com/2OxqpqIM16

At the same time, macro investor Jason Pizzino discussed the performance of XRP in contrast with other high-risk assets.

Pizzino even went as far as to suggest jokingly that XRP might have to become a meme coin in order to see the kind of growth rates that the likes of Dogwifhat (WIF) and PEPE have experienced this year.

However, Northstar urged the investors to be a bit more patient, and wait for the price to break through the $0.65 level before making an entry.

He also proposed that investors should expand to other types of assets for example, precious metals like gold and silver so that they could use the income they would get from the investment to buy XRP at a more opportune moment.

As XRP price struggles to break a key resistance, macro investor Pizzino has not been able to resist a few jabs at the cryptocurrency and its fans.

In a recent tweet, he highlighted the massive gains posted by meme coins like Dogwifhat (WIF) and PEPE, which have outperformed high-risk assets like XRP and ADA year-to-date.

Pizzino noted that WIF and PEPE have surged by over 2,200% and 1,270%, respectively, while XRP and ADA have declined by 9% and 23%. He joked that if XRP were to change into a meme coin, it might stand a chance of experiencing a strong rally.

“Why the heck is anyone bullish on XRP before it crosses the breakout line?” – Northstar Raises Concerns Over Prevailing Positivity in Crypto

While Pizzino's comments are bound to irk some XRP maximalists, technical analyst Northstar has expressed concerns over the prevailing positivity in the crypto market.

According to the analyst, XRP is yet to break through a vital resistance level on the longer time frame analysis, which could invalidate the bullish outlook.

Highlighting XRP’s price performance on a longer time frame, Northstar pointed out that the cryptocurrency has declined by 83% from its previous high, moving further away from its historical price levels.

He noted that several breakdowns have occurred from the crucial support level that has been in place for a long time, without any sign of a trend reversal.

The technical analyst observed that XRP price bounced back to $0.94 from the break of this support level in mid-2023 but could not sustain its gains. A more severe breakdown took place in July 2024, when the price reached the $0.38 mark.

Although it had rallied to $0.65 in August, XRP has given back some of its gains and is presently trading at $0.54. According to Northstar, this decline is worrisome for the XRP price, with the cryptocurrency still struggling to trade above the long-term support line.

Highlighting XRP’s price performance on a shorter time frame, the technical analyst observed that XRP has declined by 9% within the past month. This, in turn, has negatively impacted its short-term outlook.

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