XRP Approaching Breakout. Here’s What to Watch For
Main Idea
XRP is approaching a potential breakout, with key resistance and support levels identified, and bullish indicators suggesting upward momentum if certain price thresholds are reclaimed.
Key Points
1. XRP is trading around $3.01, with $2.96 acting as a key resistance level (0.382 Fibonacci retracement mark) and $2.915 as strong support (0.5 Fibonacci retracement).
2. Bullish RSI divergence and resilient support at $2.915 indicate potential for an upward breakout if $2.96 is reclaimed and held.
3. Next upside targets if resistance is broken are $3.21 and $3.41, with potential medium-term goals at $3.65 and $4.40 if market sentiment remains favorable.
4. A failure to reclaim $2.96 could lead to range-bound trading, while a drop below $2.915 may expose XRP to further retracement toward $2.80 and $2.65.
5. XRP has gained nearly 35% in the past month, supported by institutional interest, including SBI Japan's ETF filing with XRP exposure.
Description
XRP is currently locked in a tight consolidation range just beneath a critical resistance level, setting the stage for a potentially explosive breakout. As of report time, XRP is trading around $3.01 after briefly reclaiming the psychologically important $3.00 zone earlier in the day. This move comes after a series of failed attempts to break through the $2.96 level, identified by analyst CasiTrades as the 0.382 Fibonacci retracement mark, which has acted as a firm ceiling for over 20 hours. Key...
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