XRP has emerged as a top performer today, registering an impressive 7% gain and currently trading around $3.2394. This significant upward movement has investors keenly analyzing its charts to determine if this rally can be sustained or if a market correction is on the horizon.
Short-Term Trajectory
Despite its recent surge, XRP's hourly chart reveals a breach of the local support level at $3.2704. Should the daily trading bar close near current prices or below, a short-term correction is anticipated, potentially pushing the price towards the $3.15 zone. Furthermore, a false breakout of yesterday's peak at $3.333 on a longer timeframe suggests that if the decline persists, a re-test of the $3.10-$3.15 range could occur shortly.
Mid-Term Outlook
For a clearer understanding of XRP's midterm potential, the focus is squarely on the weekly candle closure. A decisive close above the $3.33 mark, ideally without a long wick, would signal considerable underlying strength. Such a positive close could pave the way for a continued upward trajectory, with the next significant resistance level eyed at $3.66, indicating a more sustained bullish trend.
