XRP, the cryptocurrency associated with Ripple, successfully broke through a key weekly resistance and demonstrates growth potential. Despite recent large wallet sales, the asset maintains a stable level of demand.
Breakthrough of Key Resistance Level
XRP managed to surpass an important weekly resistance, pushing the price above a long-standing descending trendline. This breakthrough marked the end of a corrective phase that began earlier this year. Projections are based on Elliott Wave analysis suggesting the completion of the first wave.
Short-Term Outlook
Technical analysis confirms that XRP closed above the resistance level at $3.0452. Analyst Dark Defender suggests further growth may reach $3.65. A second scenario also considers the possibility of retracement to $2.8 before the next surge, indicating a key direction for traders.
Whale Activity and Market Reaction
Despite reports of over $120 million in XRP being sold by large wallets, the price remains stable. XRP holds the $3 level and rises towards $3.10. This indicates continued buyer interest and strength of demand at current levels.
XRP's breakthrough through key resistance opens opportunities for further cryptocurrency growth. Current price stability and trader confidence point towards positive trends in the short term.
