• XRP rebounds strongly after recent dip, showing renewed bullish momentum and market confidence.
• Analysts note past capitulation patterns suggest potential major rallies, with historical parallels from 2017.
• Key resistance levels at $2.75 and $3.65 could dictate XRP’s next near-term upward move.

XRP is showing strong recovery after a recent dip, signaling renewed momentum in the market. Analysts point to previous capitulations spawning big rallies, signaling potential to the upside. Ahead in the near term will be a follow-through move tracking Bitcoin as key resistance levels mark the next surge.

At press time, XRP is trading at $2.60 with a 24-hour trading volume of $15.73 billion and a market capitalization of $156.80 billion. Over the past 24 hours, the token has gained 8.76%, signaling growing momentum in the market.

XRP Shows Pattern Suggesting Future Gains

Crypto analyst CRYPTOWZRD noted that the latest capitulation in XRP is not necessarily the end of the world for the upward trajectory. Going back into the past, he cited that XRP had the same kind of capitulation back in 2017, wherein it had a humongous rally six weeks thereafter. “It just had the same capitulation event,” he stated.

XRP Strength Returns Following Market Drop

CRYPTOWZRD also pointed out that both XRP/BTC and XRP finished the day positively, though a continuation towards the upside in XRP/BTC will be contingent on a decrease in Bitcoin Dominance (BTC.D). He also mentioned that in intraday charts, he will be looking to watch out to establish short-term plays.

The weekly candles of XRP and XRP/BTC ended slightly bearish as a consequence of the liquidation cascade, yet the majority of the drop has already occurred. There is a bullish close on the daily chart, indicating that XRP is gaining confidence back, the famous resistance to be watchful about is $2.75.

Breaking above this may send XRP to the next significant resistance at $3.65. On the contrary, failure to sustain above $2.75 may lead to sideways action until the sentiment of the altcoin strengthens. Liquidation of levered positions may also prevent the price of XRP in the spot market.

Also Read | Key Catalysts That Could Push XRP Into Its Next Parabolic Cycle

XRP Faces Resistance Amid Volatility

The intraday chart during the day reflected some volatility as XRP pushed the resistance at $2.55. Trading above this might spur a near-term upward surge, but a pullback could spell a selloff towards the $2.30 support spot. Analysts recommend waiting until a clearer chart pattern emerges to initiate new positions.

Overall, XRP’s near-term direction will mostly align with the market sentiment of Bitcoin. Investors and enthusiasts are waiting to determine if the token will be capable of taking momentum to higher levels.

Also Read | XRP Shows 2017-Style Pattern With Bearish Wick and Cycle Reset