The price of XRP experienced a significant surge, climbing 6.67% within the last 24 hours. This upward movement was strong enough to decisively breach the crucial $3.0312 resistance level observed on the hourly chart.
Analysts suggest the cryptocurrency may now enter a phase of short-term consolidation. Expectations point towards sideways trading activity developing between the $3.00 support level and the $3.15 resistance zone as bullish investors secure gains.
Should XRP manage to achieve a sustained weekly close above the $3.00 threshold, it could pave the way for further upward progress. Technical indicators highlight the potential for midterm bullish momentum, with a target near the $3.20 mark if key support levels are maintained.
Market participants are advised to closely monitor price action at the $3.00 support and the $3.15 resistance area, as these levels present key technical signals for potential trading entry or exit points. This price surge has been broadly attributed to a notable shift in market sentiment favoring buyers, coupled with substantial buying pressure.
The breakout above a long-standing resistance point serves as a significant technical indicator of renewed positive sentiment surrounding XRP.