XRP is gaining momentum after successfully defending the important support level at $2.8. This article reviews technical analysis, key support and resistance levels, as well as the short-term prospects of the token.
Technical Analysis: Break of Resistance
On the daily chart, XRP recently broke out of a descending trendline that had capped price action since mid-July. The breakout was accompanied by a reclaim of the 50-day SMA ($3.01), a bullish signal that usually attracts fresh buyers.
Key Support and Resistance Levels
Key support and resistance levels for XRP are as follows:
* Immediate Support: $3.00 – a key psychological and technical level. * Strong Support: $2.80 – where XRP previously rebounded and where bulls showed significant buying interest. * Deeper Support: $2.50 and $2.20 – levels aligned with the 200-day SMA and previous consolidation zones. * Immediate Resistance: $3.20 – a short-term barrier that could limit upside. * Major Resistance: $3.61 – the next major target if bullish momentum continues.
Short-Term Outlook for XRP
If XRP holds above $3.00, bulls could aim for $3.20 and eventually test $3.61 in the coming weeks. A decisive break above $3.61 may confirm a continuation of the broader uptrend. On the downside, if the price fails to maintain $3.00, XRP might retest $2.80 support. If that level fails, the price could drop towards $2.50, where the 200-day SMA provides a strong safety net.
XRP’s rebound from $2.8 and reclaim of $3 marks a crucial turning point in its market structure. However, the upcoming trading sessions will be decisive for the token's direction.
