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XRP Bulls Eye Breakout: Can They Push Past the $3 Wall?
The XRP price has recently bounced back to the vicinity of the highly contested $3 mark, only to struggle with the 0.382 Fibonacci retracement level. Veteran trader CasiTrades highlights that this resistance has been a stubborn ceiling for nearly 20 hours now, despite repeated attempts from bulls.
It’s clear that the market is not convinced yet about XRP’s ability to push past this critical threshold. The price action suggests a tight trading range between $2.96 and $3, which often signals an impending breakout or sharp reversal in the short term.
CasiTrades notes that structurally, nothing has broken down, indicating that the overall market trend remains intact. This is crucial information for traders, as it allows them to assess the situation objectively.
The key takeaway from this development is that XRP needs to clear $2.96 and maintain that level before any real progress can be expected. If successful, this could lead to further growth towards $3.21 and then potentially all the way up to $3.41.
Furthermore, CasiTrades also points out that the RSI on smaller timeframes is showing bullish divergence. This phenomenon usually indicates that sellers are losing momentum while buyers are gaining strength.
Currently, XRP’s market capitalization has reached a staggering $178 billion, following an impressive 1.8% surge in the past 24 hours.
Source: coinpedia.org
