XRP Faces Pressure Amid Market Surge, Key Levels Crucial for Stability

The XRP price is struggling despite the broader cryptocurrency market seeing new highs. Currently, XRP is unable to break its nearest resistance level at $3 and has dropped nearly 4%. In contrast, Bitcoin reached a new high above $126,000, Ethereum nears $4,900, and Binance Coin rose above $1,300.

XRP Price Analysis

XRP struggles to clear its descending resistance line, threatening further declines.
A break above this line could target $4, establishing a new all-time high for XRP.
Failure may require reliance on the 20-day EMA at $2.94; current trading is at $2.92.
Key support levels include $2.77, $2.60, and potentially $2.22 if support breaks.

Potential for Breakout

Some analysts predict an October breakout as XRP consolidates between $2.6 and $3.6.
An ascending triangle pattern might trigger a breakout around 70-80% of formation.
The $3 resistance remains crucial for initiating a new uptrend and reclaiming rank against Binance Coin.

XRP has slipped to fourth place in market capitalization, overtaken by Binance Coin. The upcoming days are critical for XRP's ability to overcome current challenges and regain momentum.