XRP Price Action Heats Up – Bulls Eye $3.00 Breakout XRP has showcased notable strength, climbing over 5% and putting the critical $3.00 resistance level to the test. The cryptocurrency is currently consolidating its recent gains, positioned at a crucial point where its next move could define its short-term trajectory, either breaking out to new highs or retreating for a correction.
XRP's Resilient Rally and Immediate Targets
In a display of bullish momentum, XRP successfully navigated past the $2.850, $2.880, and $2.90 resistance levels, outperforming both Bitcoin and Ethereum in its recent surge. Having peaked near $2.994, XRP is now comfortably trading above the $2.920 mark and its 100-hourly Simple Moving Average. A strong bullish trend line at $2.930 is providing solid support on the hourly chart, hinting at further potential upside if this level is defended.
The Decisive $3.00 Hurdle
The immediate focus for traders is the formidable $2.980 resistance, followed closely by the psychological $3.00 barrier. A convincing close above the $3.00 level is anticipated to propel XRP towards the $3.050 resistance, with subsequent targets at $3.120 and a major hurdle at $3.150. Conversely, a failure to breach the $2.980 resistance could lead to a downward correction. Initial support lies near the $2.930 trend line, with the next significant support around $2.8920, which corresponds to the 50% Fibonacci retracement level. A sustained break below $2.8920 could see XRP revisit the $2.860 zone, indicating a shift in market sentiment towards the bears. Technical indicators present a mixed picture, with the Hourly MACD showing a slight loss of bullish pace, while the Hourly RSI remains above the 50 level, reflecting underlying strength.
