XRP (XRP) Price Analysis: Will the Recent Rally Resume After a Brief Pause?

XRP's recent rally has come to a halt after achieving highs near $3, leaving the market wondering what happens next.

XRP's recent rally has paused after the token achieved highs of around $3, leaving the market to speculate on the next move.

Amid the prevailing uncertainty in the crypto market, XRP seems to be consolidating, especially in its Bitcoin trading pair. The next move could be crucial and might determine XRP's trajectory over the coming weeks.

After this rally, XRP appears to be cooling off. Notably, the XRP/BTC trading pair, which measures XRP's relative strength to Bitcoin, has slowed and consolidated within a range. This ranging price action could indicate an impending breakout.

Crucially, traders are watching the 0.0000265 and 0.00003 BTC levels as key resistances for XRP. A breakout above these levels could propel XRP to the next leg of the rally.

XRP's rally may have paused, but the market is awaiting a clear direction for the token's next trend. Whether XRP breaks out or corrects, its upcoming moves will likely dictate its short-term trajectory.

XRP/USD Price Analysis

XRP was down 0.73% in the past 24 hours to $2.29 at the last check. XRP has traded within a range after hitting highs of $2.90 on Dec. 3.

The RSI around the midpoint shows a balance between supply and demand, suggesting the possibility of range trading between $1.90 and $2.90 over the coming days.

The recent price action has formed a symmetrical triangle pattern, which is typically considered a continuation pattern but can also act as a reversal pattern.

If the price rallies and breaks out of the triangle, the chances of a break above $2.91 increase.

On the other hand, a break and close below the triangle may indicate that XRP has found its short-term peak.

Such a move could drag XRP down to the 50-day SMA at $1.73.