As much of the cryptocurrency market has started to draw back from Monday’s surge, XRP has been holding its value better than Ethereum and maintains its market cap ranking.
XRP has been meeting resistance at the $0.335 level despite several tests to break above over the past week.
$0.35 is a more clear support level for XRP but $0.335 has acted as a pocket of liquidity on numerous occasions on occasions when the price dropped below $0.35.
It is now acting as significant resistance.
The four-hour chart shows in closer detail how price has been reacting towards the $0.335 resistance level.
Price quickly declined after forming a descending triangle last week which brought price quickly below both $0.35 and $0.335.
Price has since tested the level on multiple occasions including today.
Each test makes the level weaker and increases the chances of a break above with each test leading to progressively fewer sellers holding the resistance.
Multiple tests of this level along with the outperformance of XRP compared to Ethereum result in a more bullish outlook for XRP when compared to other major cryptocurrencies.
- XRP outperforms Ethereum as the market starts to drop back from Monday’s surge.
- XRP has met resistance at $0.335 but has tested this level on a number of occasions making the price more likely to break above.
- XRP is looking more bullish than other major cryptocurrencies with its outperformance of Ethereum and multiple tests of resistance.
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