XRP Shows Potential for Continued Upward Movement Amid Early Week Bullish Momentum

XRP price surged by 6.67% in the last 24 hours, breaking the $3.03 resistance level. Bulls are gaining momentum, with potential for further growth toward $3.10-$3.20 if key levels hold.

Sideways trading between $3.00 and $3.15 is expected as bulls accumulate strength for the next move.

Weekly close above $3.00 could lead to a rise toward $3.20, indicating midterm bullish potential.

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XRP price jumps 6.67%, breaking resistance and showing bullish signs. Stay updated with COINOTAG for the latest crypto market insights.

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Bulls have come back to the game at the beginning of the week, according to CoinStats.

What is driving XRP/USD’s recent 6.67% price surge?

XRP’s price surged 6.67% in the last 24 hours, breaking the local resistance level of $3.0312 on the hourly chart. This breakout indicates renewed bullish momentum as traders respond to positive market sentiment. The move suggests that XRP is poised for potential gains if the price sustains above key levels.

How is XRP expected to perform in the short term?

After breaking resistance, XRP is likely to experience sideways trading between $3.00 and $3.15 as bulls consolidate gains. If the daily candle closes without a long wick, the upward trend could continue toward the $3.10 area. This phase allows traders to accumulate positions before a possible breakout.

What does the midterm outlook for XRP indicate?

On longer time frames, XRP appears to have found a local bottom, but bulls may need additional time to build momentum. Sideways movement in the $3.00-$3.15 range is the most probable scenario before a decisive move. A weekly close above $3.00 is critical for continued growth toward $3.20.

What key levels should traders watch for XRP?

Traders should focus on the $3.00 support level and the $3.15 resistance zone. Maintaining price above $3.00 on the weekly chart could trigger further gains. Conversely, failure to hold this level may result in consolidation or minor pullbacks.

Frequently Asked Questions

What caused XRP’s recent price increase?

XRP surged 6.67% after breaking the $3.0312 resistance, driven by bullish market sentiment and increased buying pressure.

Will XRP continue to rise after breaking resistance?

If XRP holds above $3.00 and closes weekly above this level, it is expected to continue upward toward $3.20, reflecting sustained bullish momentum.

Key Takeaways

• XRP price surged 6.67% breaking critical resistance at $3.0312.
• Sideways trading between $3.00 and $3.15 likely as bulls consolidate.
• Weekly close above $3.00 is essential for midterm growth toward $3.20.

Conclusion

XRP’s recent 6.67% price surge marks a significant bullish shift as it breaks key resistance levels. While short-term sideways movement is expected, maintaining support above $3.00 could pave the way for further gains. Traders should monitor these levels closely for upcoming opportunities.