XRP continues its upward movement, testing key resistance levels as it reaches $3.00. The situation is intensified by the increase in token reserves.
1-Day Chart Analysis: Testing $3.00 Resistance
XRP is currently trading at $3.00, showing a modest gain of 0.86%. The price has recently rebounded strongly from the $2.80 support zone, indicating a bullish trend. The key level to watch is $3.00, where the price is testing resistance. A breakout above this level could send XRP towards the July high of $3.65, marking a potential 33% upside. However, for this bullish scenario to play out, XRP needs to maintain momentum above the $3.00 psychological barrier. Key resistance is seen between $3.40 and $3.65, which form the next targets. Immediate support lies at $2.80, with deeper support around $1.90. The trend remains bullish as long as XRP stays above the $3.00 mark.
4-Hour Chart Analysis: Breaking Trendline Resistance
The 4-hour chart reveals XRP testing a key resistance zone near $3.10. After breaking a descending trendline, XRP is showing potential for further upward movement. The Relative Strength Index (RSI) is 62, indicating moderate bullish momentum without being overbought. If XRP can break above the $3.10 resistance, the next target could be around $3.65, aligning with the potential of the one-day chart. However, if XRP fails to clear this resistance, a pullback could occur, with support levels at $2.76 and $2.72. Despite this, volume indicates steady buying interest, suggesting bulls are attempting to push the price higher. The overall momentum favors the upside as long as resistance is cleared.
Exchange Reserves Surge
XRP’s exchange reserves have spiked by 1.2 billion tokens in just 24 hours, with Binance alone recording an inflow of 610 million XRP. Traders and analysts are closely watching this sharp increase in reserves, as such movements often signal that large players are preparing to either sell or reposition their holdings. Analyst DustyBC Crypto warned of potential volatility ahead, as a surge in reserves often precedes large price swings.
XRP is showing signs of bullish movement after breaking through key resistance levels. Additionally, the increase in token reserves on exchanges may signal significant price changes in the market, which requires close observation of further trends.
