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XRP Bulls Eye Breakout: Can They Push Past the $3 Wall?
The price of Ripple (XRP) has surprisingly returned near the crucial $3 mark after a recent dip, causing a stir in the crypto community. While this bounce hasn’t gained enough strength to confirm a full recovery, it’s essential to analyze the present situation and consider whether this short-term move could be a trap or the start of something more significant.
Veteran trader CasiTrades has recently highlighted that XRP is still stuck inside a falling wedge and is coiling just below the $3 resistance. Notably, this level, also referred to as the 0.382 Fibonacci retracement, has acted as a ceiling for nearly 20 hours now. Despite repeated attempts, bulls have been unable to break through.
Interestingly, CasiTrades emphasized that the strong support at $2.915, which aligns with the 0.5 Fibonacci retracement, is being actively protected by buyers, refusing to allow the price to fall further. At the moment, XRP is trading within a very narrow range between $2.96 and $3—a space that often suggests a significant move could be imminent.
In her latest tweet, CasiTrades pointed out that structurally, nothing has broken down. This means the overall market trend remains intact. If XRP can rise above $2.96 and maintain its position, it would signify the first clear indication that strength is returning. The next resistance targets to monitor are $3.21 and $3.41, both of which could enter play if momentum builds.
Furthermore, CasiTrades noted that RSI on smaller timeframes shows bullish divergence. To put it simply, this indicates that sellers are getting fatigued, while buyers may be preparing for a push. Currently, the XRP price is trading around $3, reflecting a 1.8% increase seen in the past 24 hours, with its market capitalization reaching $178 billion.
It remains to be seen whether the bulls can successfully overcome the psychological barrier of $3 and continue their upward trajectory.
Source: coinpedia.org
