XRP Price Stays Strong After the Market Pullback
XRP’s price rose 6.8% from Monday’s lows of $2.70, indicating its ability to handle market fluctuations. Traders believe XRP can regain momentum and emphasize the importance of holding $2.70 support to prevent lows and set up bullish breakout attempts.
Consolidation above $2.70 aligns with bullish setups on technical charts. A stronger rebound could break through the $3.40 resistance level, boosting investor confidence in XRP’s growth. If support isn’t defended, $2.58 could be the next downside target, contradicting bullish expectations of the trend continuing.
Symmetrical Triangle Formation Indicates Potential Rally
XRP’s daily chart reveals a symmetrical triangle between two converging trend lines, indicating a volatility drop before breakout attempts. This pattern has occurred before big price moves when price breaks through established boundaries. Analysts predict a breakout to the upside could cause XRP to rise, bringing it closer to the $4.08 target level.
Resistance is present at $3, $3.40, and $3.66, which needs to be solved before new highs can be reached. If these barriers are broken, the market is still bullish, while if not, it could be stuck in the triangle pattern. Traders monitor daily closes above resistance to see if the upward trend picks up speed again.
Double Bottom Formation Adds Bullish Confirmation
Analyst CasiTrades identified a double bottom near $2.70, supporting XRP’s bullish structure and indicating a lack of selling pressure. This pattern gives traders confidence that XRP may rise to higher resistance levels. The bullish scenario is valid as long as prices stay above $2.70, as falling below this level weakens the bearish story.
The current structure is in a Wave 2 corrective phase, potentially leading to a Wave 3 impulse and upward momentum towards $4 resistance levels. Traders are also monitoring for volume spikes, which usually occur when bullish reversal structures break out.
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Analysts Eye Key Resistance Targets Near $4
Resistance levels, particularly $3.40 and $3.66, are crucial for breaking through before $4 can occur. Breaking these points requires significant buying, likely aided by whales buying up stock and retail investors’ excitement. A breakout above $3 confirms momentum, and holding above $3.40 indicates the market is participating in a bullish continuation.
CryptoBull predicts XRP could rise to $5 by October if a bull flag breakout occurs. However, traders must still break numerous resistance levels before these high prices become a reality. Changes in larger crypto markets’ direction will also impact XRP’s ability to break through layered resistance levels.
Whale Accumulation Strengthens Bullish Narrative
Whales are buying XRP when prices drop, adding over 30 million tokens in two days. Those owning between one million and ten million XRP now own 6.77 billion XRP, representing 11% of the total supply. This accumulation shows confidence in long-term gains, boosting market hopes for price recovery.
Whales buy dips to lower selling pressure and create a floor, attracting retail investors to use accumulation strategies. Whale behavior often comes before stronger rebounds, stabilizing supply dynamics and spreading confidence through smaller investor groups.
Net Holder Position Change Confirms Positive Flows
XRP’s net holder position has improved since August, indicating accumulation, particularly in the $2.70-$3 range. Positive flows indicate confidence in XRP’s readiness for higher prices, rather than increased market activity.
Dips are now seen as opportunities to buy more, rather than reasons to sell. Accumulation supports XRP’s continued rise, aligning with technical patterns suggesting breakout targets above $4. If this trend continues, XRP could transition from consolidation to breakout in just weeks.
Market Sentiment Turns Toward Bullish Expectations
Investor sentiment has improved as whales buy more, support levels remain stable, and technical patterns indicate a price increase. Traders are anticipating volatility and are monitoring resistance levels around $3 and $3.40. If XRP can surpass these levels, momentum is building, and the coin could move towards the $4 target.
The broader market’s state and Bitcoin’s price may influence XRP’s breakout strength. However, XRP-specific factors like whale activity and double bottom formations provide hope for its market dynamics. XRP could be one of the best-performing altcoins in the next quarter.
XRP Set Up for a Big Change in Trend Upward
XRP is poised for a significant breakout above the current resistance level due to strong support and whale activity. Traders predict a short-term goal of $4, with potential for a higher target of $5.
The bullish story is bolstered by technical patterns, positive on-chain flows, and whale participation. The market is preparing for a change in direction, potentially leading to new price discovery phases. Investors are closely monitoring this potential rally, as it could be one of XRP’s biggest rallies in a long time.
