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XRP (XRP) Price: Technical Analysis Shows Potential 10% Rise to $3.30 Level
XRP hovers near the $3 mark, with rising whale activity and massive short positions creating a potential for a short squeeze that could push prices towards the $3.30 level if key resistance breaks.
The current market structure presents an interesting dynamic, with XRP’s price showing signs of a potential rally. Whale activity is increasing, and technical indicators have turned bullish on the four-hour chart after breaking through a key resistance level.
The cryptocurrency is currently trading inside a falling broadening wedge pattern, which often precedes bullish breakouts. The price is approaching the upper trendline of this wedge, and a breakout above $3.19 would put it on track to challenge the $3.30 level. This price point aligns with a significant liquidation cluster and a key Fibonacci retracement level.
If XRP holds above the $3 level during the ongoing retest, there’s a strong possibility of a 10% increase to reach $3.30.
Source: blockonomi.com
