What to Know:
- XRP is showing signs of renewed bullish momentum as it consolidates around the $2.66 mark.
- Breaking above the $2.80 resistance could trigger a rally toward $3.00-$3.10.
- A successful breakout could signal a broader recovery in the altcoin market.
XRP is showing promising signs of recovery as it consolidates around $2.66, potentially setting the stage for a renewed bullish phase. The recent price action suggests increasing momentum, prompting investors to refocus on the $3 psychological level. A successful breach of key resistance levels could pave the way for further gains.
Following a correction earlier in the month, XRP has demonstrated resilience, recovering from the $2.35 support level. By rising above the 200-day moving average, XRP is now testing the 50-day EMA near $2.77, a crucial point that has historically acted as both confirmation and resistance for trend reversals. Holding above this zone and closing above $2.80 could sustain a rally toward the $3.00-$3.10 range.
The Relative Strength Index (RSI) currently stands at 53, indicating a balanced state between buying and selling pressure, ideal for a breakout attempt without overbought conditions. Investors should monitor the resistance zones between $2.77 and $2.90, where XRP has faced repeated rejections. Overcoming this resistance is essential for continued upward momentum.
Should XRP experience a short-term pullback toward $2.55-$2.45, the overall bullish structure must hold to maintain positive momentum. Breaking above $2.90 could trigger short liquidations and renewed speculative demand, potentially driving XRP decisively toward $3.00. Given XRP’s influence on market sentiment, a breakout could signal a broader recovery across the altcoin market.
XRP is at a critical juncture in its recovery, with a confirmed breakout above $2.80 potentially opening the door to $3 and beyond. While failure to break through may lead to another consolidation phase, the market structure suggests a shifting momentum favoring buyers.
Source: Original article
