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XRP Price Rejected At Resistance: Why $2.69 Holds The Key
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XRP Price Rejected At Resistance: Why $2.69 Holds The Key

Scott Matherson
Scott Matherson
3 weeks ago
3 mins read
XRP

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XRP is facing a strong resistance level on its path to the $3 price level and above, with the past 24 hours witnessing some sort of rejection at this resistance level. XRP price action has gradually built momentum in May, leading to a sharp move toward the upper $2.60 range. On May 12, XRP briefly touched $2.63 before retreating slightly, now trading around $2.57.

Directly ahead is the major resistance at $2.69, and technical analysis shows that this zone now holds the key to whether XRP can continue its march toward $3.00 or undergo a pullback for consolidation. 

$2.69 Resistance Is Technical For XRP Price

Crypto analyst CasiTrades has highlighted the $2.69 price point as an important resistance level for the XRP price moving forward. According to the analyst’s chart, which accompanied a post on social media platform X, this level represents the 0.236 Fibonacci retracement from XRP’s all-time high and is a key level to watch for correction. 

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XRP Price Rejected At Resistance: Why $2.69 Holds The Key

3 weeks ago

Notably, this zone has led to multiple retracements since December 2024, with each attempt seeing sellers quickly step in to defend it. It even proved difficult to break when XRP broke to reach $3.3 in January, and an order block was created on the daily candlestick timeframe just before the ensuing rally above it.

XRP
Source: CasiTrades on X

As noted by the crypto analyst, momentum indicators have remained relatively muted during XRP’s recent rally. The crypto has also completed what appears to be a full 5-wave Elliott count from the analyst. However, instead of a retracement, the price has pressed forward slowly alongside the rest of the crypto market. This slow, controlled push higher often signals strong underlying demand, strong trend, and heavy accumulation.

As it stands, the only thing left to do is to see how the XRP price performs at the $2.69 resistance.

Breakout Or Rejection: Two Opposite Outcomes With High Impact

The analyst warns that the $2.69 level could be a final barrier before XRP is cleared for a run toward $3.00 and beyond. A confirmed breakout, ideally with a strong daily candle close above this level, would invalidate short-term bearish pressures and cause a run above this level.

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XRP Price Still On Bullish Path To $5 As Long As This Level Holds

4 weeks ago

However, if $2.69 once again proves too strong for bulls to overcome, the altcoin may enter a temporary cooling-off phase. In this case, the next logical support level is around $2.30, which is close to the 0.382 Fibonacci retracement level. This is another breakout/rebound zone that could offer a healthy reset for the XRP price. 

In either scenario, the price behavior at $2.69 is expected to set the tone for the rest of May and determine whether XRP can extend its 2025 bullish trend. At the time of writing, XRP is trading at $2.57, up 4% in the past 24 hours.

XRP
XRP trading at $2.59 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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