Several crypto analysts are pointing to XRP reaching a significant resistance hurdle after the asset outperformed bitcoin during this week’s rally.
XRP, which ranks third in cryptoassets by market capitalization, was one of the best performing coins during the most recent price rally which took bitcoin above $11,000. According to several analysts, the breakout has led the asset to edge closer to a significant weekly resistance, which could signal the coin entering an even greater bull run if surmounted.
Popular crypto trader Cold Blooded Shiller published a tweet on July 28 claiming that previous price leaps for XRP took place when the coin was above its daily 200 estimated-moving-average (EMA). The trader said historic pumps averaged 33 percent, which would put the coin on up against a “hugely significant” weekly resistance.
Despite reaching a four-month price high, other analysts are concerned that XRP may have tapped out during this week’s bullish rally.
Technical analyst Cactus tweeted on July 29 that XRP had one of the “worst looking charts” for top cryptos and pointed to significant resistance for the asset at $0.25. The crypto analyst was skeptical of XRP in the short-term and claimed the asset had more to prove before becoming “really bullish.”
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