XRP is currently within a tight consolidation range just beneath a critical resistance level, potentially setting the stage for a successful breakout.
Key Levels Driving Market Sentiment
XRP is trading around $3.01 after briefly reclaiming the psychologically significant zone of $3.00 earlier in the day. This comes after several failed attempts to break through the $2.96 level, identified by analyst CasiTrades as the 0.382 Fibonacci retracement mark, which has served as a robust ceiling for over 20 hours.
The market is tightly coiled between $2.915 and $2.96. The lower boundary at $2.915 aligns with the 0.5 Fibonacci retracement from XRP’s recent low at $2.72. According to CasiTrades, this support has proven resilient, with buyers stepping in repeatedly to defend it.
Momentum Building Ahead of Key Breakout Zones
CasiTrades notes that a confirmed breakout above the $2.96 level, particularly if retested and held as support, would serve as a strong technical signal that bulls have regained control of the market.
If $2.96 is reclaimed and flipped to support, traders will likely turn their focus to the next upside targets: $3.21 and $3.41, representing historical resistance levels and Fibonacci extension areas.
The Moment of Truth for XRP
Despite the bullish momentum, the market remains at a decision point. Failure to reclaim $2.96 could result in continued range-bound trading, while a breakdown below $2.915 could expose the token to further retracement towards $2.80 and $2.65. These lower zones are critical for maintaining XRP's broader bullish structure.
XRP’s price is approaching a crucial inflection point. All indications suggest a potential breakout if $2.96 can be reclaimed and held.
With bullish RSI divergence and increasing institutional interest, XRP's next move could define the direction of its upcoming significant leg. The focus remains on whether bulls can flip resistance into support.
