XRP has experienced a notable upswing, surpassing the $3.050 level and demonstrating resilience in holding onto gains. The cryptocurrency’s recent performance has pushed it beyond $3.40, with trading currently positioned below $3.250 and the 100-hour simple moving average. Observers are noting the formation of a bearish trend line, establishing a resistance threshold at $3.20.
Following a breakout above key levels, XRP has shown significant strength, outpacing both Bitcoin and Ethereum . After successfully maneuvering past the $3.050 and $3.20 barriers, it briefly tested the $3.40 level before undergoing a correction. A recent low of $2.81 was recorded, but the price has since begun to rebound, maintaining its position above the critical support level of $2.880. The recent price action indicates a clearance above the 50% Fibonacci retracement zone, signaling potential further advancement.
Currently, XRP faces upward hurdles at around $3.130 and $3.20, with the latter being a primary resistance point. If XRP can move past the $3.230 resistance, it may accelerate towards $3.320, with the potential for additional momentum leading it to challenge the $3.40 and potentially even $3.420 levels in the near future. The overarching goal for bullish market participants remains a breakthrough past $3.50, which could pave the way for new all-time highs.
Conversely, if XRP does not manage to surpass the $3.20 resistance, a downward correction could be on the horizon. Initial support is anticipated at the $3.00 level, followed by more significant support near $2.88. A decisive breach of the $2.880 level may initiate a decline towards the $2.750 level, with further support levels appearing near $2.650. Traders will be closely monitoring these technical indicators as XRP ’s price action unfolds.
