Key Insights:
- XRP tests key $2.80 support after rejection at $3.10, traders await next decisive move.
- Bull pennant pattern forms on 4H chart, with potential breakout target near $2.90.
- Price action remains tight, with the market watching volume and structure for short-term breakout signs.
XRP has pulled back after failing to break above a key resistance level. The token is currently priced around $2.83, showing a mild dip over the last 24 hours. Weekly losses now stand at over 5%, with price action cooling off after a recent push higher. XRP’s market cap is sitting at approximately $169.4 billion, based on a circulating supply of 60 billion tokens.
Price Rallied, Then Stalled Below $3.10
The recent chart shows XRP broke out of a double bottom pattern earlier this month. That move carried the price close to $3.10, but the momentum faded as sellers stepped in near resistance. The rejection led to a pullback, sending the price back down to the $2.80–$2.82 zone.
This range previously served as a breakout area and could now act as support. Price is hovering just above it, with traders watching to see if it holds. The pattern suggests a potential pause as the market looks for its next move.
Support Level Now in Play
The $2.80–$2.82 range is once again in focus. Market watchers say this zone is critical.
According to Bitguru,
“If buyers defend the $2.80–$2.82 zone, we might see a rebound toward $2.90.”
That view reflects current market tension between short-term buyers and profit-takers.
A strong bounce here could point to renewed buying interest, while a drop below the range may send XRP back toward the $2.70s. This level also aligns with earlier areas of price stability, which adds to its technical relevance.
Bull Pennant Adds to Breakout Speculation
Another view comes from Hailey, who flagged a bull pennant forming on the 4-hour chart. The pattern, often seen as a continuation signal, appears as price narrows following a sharp move up.
Hailey wrote,
“$XRP is extremely close to breaking out… 55–65% chance of a move up.”
If XRP breaks above the pennant resistance, the next target could be back near $2.90–$3.00. So far, though, buyers haven’t confirmed the breakout, and volume remains muted.
Outlook Hinges on $2.80 Reaction
At the moment, XRP’s short-term direction depends on how the price reacts around $2.80. This area has played a role before and may do so again. A clean bounce could shift sentiment back to the upside. If not, more downside could follow.
Traders are closely watching for the next 4-hour close to get clarity on where XRP is headed next.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/uncategorized/xrp-rejected-at-resistance/