XRP Holds Up Better Than Most Altcoins, Trading at $2.16

XRP’s chart shows it’s holding up better than many other altcoins and at press time, XRP is up by more than 1% and is trading at $2.16.

In the ever-shifting landscape of cryptocurrencies, XRP has managed to outperform many other altcoins, a fact that hasn't escaped the notice of Thinking Crypto. In a recent episode of the podcast, Caleb Franzen, founder of Cubic analytics, dove deep into the analysis of XRP's chart and provided his insights on what to expect in the short, mid, and long term.

Right now, XRP is notably holding up better than many other altcoins. As most coins are struggling to stay afloat and are trading below their 200-day moving average cloud, XRP is still managing to stay above it. This cloud, which ranges from $1.76 to $1.80, has been a key level to watch.

"The fact that we're still holding above the 200-day moving average cloud is interesting because most other altcoins have already dipped below their 200-day moving average, which started in January of 2023," Franzen said.

"So, we've managed to hold above that 200-day moving average cloud, which is around $1.76 to $1.80. But if we break below that 200-day moving average, then it could open up the possibility of a move down to the 100-day moving average, which is around $1.40 to $1.44," he added.

Charting platform TradingView user Wealthmanagerrr created a chart highlighting the 200-day moving average cloud, which is crucial for traders to keep an eye on.

(Source: @Wealthmanagerrr)

Some charts are even showing a "head and shoulders" pattern, which could be a sign that we'll see some pullback. However, as long as XRP manages to stay above that $1.76 support, then it's not all bad news.

"But if we can manage to stay above the 200-day moving average cloud and close above some of these key resistance levels, then I think we could be setting up for a nice move to the upside," Franzen said.

Next, if we look at the mid-term outlook for XRP, then we'll want to consider the fact that XRP has shown relative strength compared to other altcoins. Most coins are struggling to stay above their 200-day moving average. However, XRP has managed to hold its ground despite the broader crypto market weakness.

This could be setting up for a breakout if the overall market manages to recover. If XRP can break above key resistance levels, then we might see a surge towards $3 or even higher from here. However, the market's cautious mood means that we'll need to see strong bullish signs before getting too optimistic.

Finally, if we look at the long-term outlook for XRP over the next one to two years, then it will depend largely on regulatory developments and broader crypto adoption. If the market does manage to turn bullish again, then XRP could be setting up for a strong run.

Analysts will be watching closely for signs of a sustained trend above the 200-day average, which could be setting the stage for a new bull run. In the best-case scenario, XRP could reach $5 or more, but that will depend on positive market conditions and potential regulatory clarity.