XRP Price Analysis: Can XRP Break Through $3 Resistance Level?
XRP is currently displaying signs of an upward trend, hovering just above the crucial $3 support level. This level, which previously acted as a resistance, has now turned into a short-term support for XRP. As of July 17, XRP finds itself in a critical zone between $2.90 and $3.00, a range that has historically proven to be a significant barrier for further price gains.
Analysts suggest that XRP needs a confirmed daily candle close above the $3 mark to potentially trigger a breakout. If this occurs, the price could target the next resistance levels at $3.18 and eventually $3.40, which was the previous swing high back in January. The $3.40 level also coincides with the 100% Fibonacci extension level, a critical indicator frequently used to forecast bullish targets.
Potential Bullish Patterns Emerging
There is a potential bullish “C-wave” pattern forming in the short term, indicating that XRP might have already initiated a new bullish move. However, there is still a risk of short-term pullbacks if XRP fails to sustain momentum above the $2.90 support zone.
Technical indicators like the Relative Strength Index (RSI) are also displaying early signs of a potential bullish continuation. A break above recent RSI highs could eliminate any remaining bearish signals and give the bulls a significant advantage.
Key Levels to Watch
If XRP manages to close above $3, it could pave the way for a retest of $3.40 and potentially higher levels beyond that. However, failure to breach this resistance level could lead to a short-term correction back towards $2.80.
Overall, the overall trend for XRP remains bullish, with the $3 resistance level being the crucial point to monitor this week. A strong breakout at this level could signal the beginning of a larger rally for XRP in the days ahead. At the time of writing, XRP has seen an increase of more than 5% and is currently trading at $3.05.