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Once again, XRP has taken the market by surprise by breaking through the $3.20 barrier surpassing trader expectations and bucking past bearish trends. Following a phase of consolidation inside a descending triangle, XRP showed significant market interest and momentum, with a bullish engulfing candle and a remarkable $1 billion in trading volume.
With a current price of about $3.27, XRP is at its highest level in several months. Now $3.50 is the immediate resistance, a technical and psychological barrier that, if broken, might lead to another buying frenzy. Significant buying activity may arise to stabilize the price at the downside support levels of $3.00 and $2.75.
At 76, the Relative Strength Index (RSI) has entered overbought territory, indicating that even though momentum is strong, a short-term correction might still occur. Nonetheless, the spike in trading volume suggests that the market is being driven by bullish sentiment. XRP may next target $4.00 if it sustains its momentum and overcomes the $3.50 resistance with a medium-term test of $4.20 possible.
Alex DovbnyaA move of this kind would confirm XRP's place in a bullish trend particularly if trading volume stays strong. Conversely, XRP may drop back to the $3.00 support level if it is unable to maintain above $3.20 and selling pressure increases further. A confirmation of a bearish reversal would be a breach below $2.75, which might push the price back toward $2.50, the current location of the 50 EMA.
As of right now, market confidence has been rekindled by XRP's breakout above $3.20, and the enormous trading volume points to institutional or whale involvement. For the next big move, traders and investors should closely monitor the $3.00 support and $3.50 resistance levels. The market is still closely watching XRP's next moves regardless of whether it continues its upward trajectory or experiences a brief correction.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Gamza Khanzadaev
Godfrey Benjamin
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