XRP caused ripples in the cryptocurrency market over the weekend, momentarily recovering the $0.60 level for the first time in September, and Saturday reached a one-month high of $0.6129.
This surge was fleeting, though, as the token rapidly entered a corrective phase and now hovers at $0.59, just under the psychologically critical $0.60 barrier, a level that has proved to be a major challenge for XRP.
In a recent YouTube study, market analyst Steph underlined the technical relevance of this movement. During its 4-hour chart, Ripple effectively broke over the neckline of a traditional cup-and-handle pattern during the weekend rise, he said. Since September 15, this breakout has presented a problem because of the significance of the $0.60 level in the current trade.
XRP Resistance Challenges
The current price behavior of XRP retraces a retest of this breakout level. Should XRP maintain four-hour closures above the $0.59–$0.60 zone, it could indicate a resuming of the positive trend. On the other hand, lacking this support could set off more losses.
Steph believes that if XRP continues to gain momentum, it may aim for the $0.69 to $0.70 region, indicating a possible 17.7% increase and a six-month peak for the cryptocurrency. He does, however, caution about the possibility of volatility and short-term liquidity traps.
Ripple has to first cross the $0.64–$0.65 zone, which corresponds with the crucial 0.786 Fibonacci level, in order to profit from the current optimistic mood. Historically, this degree has been a point of rejection, most especially in April and August of this year.
If XRP breaches this range, the next primary target would be the $0.70 mark, which would complete the indicated breakout from the cup-and-handle formation. Legal expert Bill Morgan spoke on XRP’s continuous fight with the $0.60 obstacle.
The token’s lack of ability to sustain its current breakout points to a possible decline below the 20-day EMA, he said. Morgan warned that this degree of resistance has always been notable, and failing to regularly surpass it could cause more price convergence.
Morgan counsels prudence. Even if long-term aficionados are hopeful, Ripple will hit new all-time highs. Any temporary price swings may be ephemeral until Ripple can clearly break over $0.60 and keep its position.
Complementing the market dynamics, CryptoQuant data showed that XRP reserves on Binance had increased from 2.941 billion to 2.983 billion tokens within the past 12 days. But yesterday there was a minor decline, suggesting continuous swings in market attitude.
Traders and investors will be closely monitoring the next steps in this ever-changing terrain of cryptocurrency trading as XRP negotiates these technological obstacles.
