XRP gives back gains after 10% rally as traders take profit near $1.25

XRP experienced a significant rally, increasing by 10% to approach the $1.25 mark on March 13, 2024, before retracing its gains. This surge was reportedly fueled by demand from Asian markets and inflows into exchange-traded funds (ETFs). However, the cryptocurrency encountered substantial selling pressure as it neared a critical resistance level around $1.25, preventing it from sustaining its upward momentum. Traders appear to be taking profits at these higher price points, contributing to the pullback observed in the market. The token's ability to break through and hold above the $1.20 threshold was a key factor in the initial rally, but the subsequent resistance highlights a significant hurdle for further price appreciation. The market is now watching to see if XRP can consolidate its gains or if further selling will drive the price lower.