TLDR
- XRP price maintained bullish momentum with strong support at the $3.11 golden pocket level.
- Breakout above $3.21 resistance signals potential for further gains to $3.60.
- Trading volume confirmation supports continued bullish trend.
- Top analysts agree XRP price may see a continued rally.
XRP price is showing promising signs of continued bullish momentum after a significant rebound from key support levels. The cryptocurrency recently dropped below the $3.17 support level but managed to find strong support around $3.11, a critical zone that aligns with Elliott Wave Theory’s golden pocket.
This rebound suggested the potential for further upward movement, with the price action now testing crucial resistance levels. As the market gears up for a possible breakout, analysts are closely watching the $3.60 target and other key resistance levels for confirmation of sustained bullish activity.
XRP Price Support and Golden Pocket Rebound
Ripple price found crucial support at the $3.11 level, aligning with the golden pocket. This area is key in Elliott Wave Theory, marking a Wave 2 retracement. After dipping below $3.17, the XRP price quickly reclaimed this support. The reversal suggests the bearish correction may be over.
- XRP/TetherUS M15 Chart | Source: X
The golden pocket acts as a key support level, helping maintain the token’s bullish trend. By staying above $3.11, the crypto has avoided further downside. This strong support sets the stage for future gains. As a result, Ripple token can now focus on pushing higher in the coming weeks.
Volume Confirmation and Potential for Breakout
Furthermore, XRP price action is now supported by rising volume, confirming the rally’s strength. A surge in volume, especially after reclaiming the $3.21 resistance, shows that buyers are accumulating positions.
This increase in volume validates the price trend and signals a potential breakout for the altcoin
As the price rises, increased volume signals stronger market participation. This suggests the next phase of the bullish trend may be starting. If buying pressure stays strong, XRP price could target the next resistance at $3.41. A break above this level would open the path to $3.60.
Ripple Fibonacci Retracement and Key Resistance Levels
Following on the volume, Fibonacci retracement levels play a crucial role in crypto price action. Recently, the token found support at the 0.65 Fibonacci level, around $3.11. This level aligns with a typical Wave 2 retrace in Elliott Wave Theory.
Such retracements often signal that the market is preparing for a strong Wave 3 rally.
- RP/TetherUS 2H Chart | Source: X
If the token holds above the Fibonacci level, the likelihood of reaching $3.41 and $3.60 increases. These levels are key resistance points. The $3.41 resistance, at the 0.118 Fibonacci extension, is crucial. A break above this level confirms the Ripple token’s upward trend.
Building on technical indicators, the long-term outlook for ripple remains bullish. Analysts target the $4.60 to $4.80 range. This zone is supported by several Fibonacci extensions. If XRP price breaks the $3.66 resistance, it could reach these higher levels. This would signal a full Wave 3 impulse.
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