XRP has shown signs of bullish momentum, reclaiming the resistance level of $3.14. Analysis from Cryptoes emphasizes the improving market situation for the cryptocurrency.
XRP Reclaims Key Resistance
After days of consolidating below the $3.14 resistance, XRP broke through the barrier during the most recent 4-hour trading session, reaching an intraday high of $3.17. This move reinstated bullish confidence in the market, confirming a breakout above an important price level.
Technical Structure Supports Bullish Momentum
Cryptoes' analysis highlights a well-formed ascending parallel channel on the 4-hour chart. XRP recently bounced off the lower boundary of this channel near $3.05, forming long lower wicks that suggest strong buy-side interest at those levels. The rebound allowed the asset to climb back into the channel and make a run at mid-range resistance. Supporting this structure, the Parabolic SAR indicator, which is now plotted below the price, is interpreted by traders as confirmation of a potential trend reversal to the upside.
Eyes on the Next Target: $3.30 and Beyond
Should XRP manage to hold above $3.14 in the upcoming hours, the next target lies between $3.30 and $3.35, near the upper boundary of the ascending channel. A strong breakout above this range could signal the beginning of a new rally, especially if accompanied by increased trading volume.
While XRP currently trades slightly below the $3.14 level, recent price actions confirm that bulls are re-entering the market with confidence. The rebound into the ascending channel and shifts in technical indicators underscore growing upside potential, provided key support levels are maintained.
