The Importance of $2.69 Explained

XRP has encountered significant resistance as it aims for the $3 price mark, recently facing some rejection at this level. Throughout May, XRP’s price momentum has been growing, culminating in a sharp ascent toward the upper range of $2.60. On May 12, the price reached $2.63 briefly before slightly pulling back, currently trading around $2.57.

Just ahead lies crucial resistance at $2.69, with technical analysis suggesting that this level is pivotal in determining whether XRP can proceed towards $3.00 or experience a pullback for consolidation.

$2.69 Resistance is Critical for XRP Price

Crypto analyst CasiTrades emphasizes the $2.69 level as a significant hurdle for XRP’s future price movements. The analyst’s chart, shared on a social media platform, indicates this point corresponds to the 0.236 Fibonacci retracement from XRP’s all-time high, marking it as a key area for potential correction.

Additional Insights

This level has consistently resulted in multiple pullbacks since December 2024, with sellers swiftly intervening to defend it. It demonstrated resistance even when XRP attempted to surpass $3.3 in January, creating an order block on the daily candlestick timeframe just before the significant rally above it.

According to the analyst, momentum indicators have shown relatively muted responses amid XRP’s recent rise. The cryptocurrency appears to have completed what looks like a full 5-wave Elliott count. Nevertheless, rather than retracing, the price has steadily advanced with the broader crypto market. This methodical ascent often indicates strong underlying demand and significant accumulation.

What’s crucial now is to observe how XRP performs against the $2.69 resistance.

Potential Outcomes: Breakout or Rejection

The analyst cautions that the $2.69 resistance could be the final obstacle before XRP is free to surge toward $3.00 and further. A confirmed breakout, ideally marked by a robust daily close above this level, would eradicate short-term bearish pressures, encouraging a move past this threshold.

Additional Insights

Conversely, if $2.69 remains too formidable for the bulls to surmount, the altcoin may enter a temporary cooling phase. In this scenario, the nearest support level lies around $2.30, close to the 0.382 Fibonacci retracement level. This presents another breakout/rebound zone that could facilitate a beneficial reset for XRP’s price.

Regardless of the outcome, how the price reacts at $2.69 is likely to influence the trends for the rest of May and determine whether XRP can maintain its bullish momentum throughout 2025. As of this moment, XRP is trading at $2.57, reflecting a 4% increase over the past 24 hours.

Featured image from Getty Images, chart from Tradingview.com