Ripple (XRP) has managed to hold onto its breakout gains near $3.03, but do the bulls have what it takes to surpass the next key resistance at $3.64 ? Dive into the analysis of technical and market perspectives.
Despite volatile market conditions, XRP has maintained solid Fibonacci support at $2.94, with a long/short ratio of 3.34 on Binance and 76.94% of traders positioned to buy. These indicators suggest strong bullish conviction among investors.
The chart reveals that XRP has successfully retraced its recent bullish breakout, with a successful test of the 50% Fibonacci retracement level at $2.95. This local support could pave the way for a 22% advance toward $3.64. Additionally, exchange outflows of $66.84 million in 48 hours indicate accumulation, while the RSI at 54 and exponential moving average support favor a potential rally.
On the other hand, the 4-hour FBB indicates a potential target closer to $3.29 in the coming weeks, representing a nearly 9% increase.
Subsequently, the daily chart points to an expansion up to $3.84 by the end of the year. That’s a potential increase of 27%.
CoinGlass data shows that the Binance XRPUSDT long/short ratio has reached 3.34, with nearly 77% of top traders holding long positions. Liquidation levels are situated at $2.932 on the downside and $3.048 on the upside, suggesting that traders are positioned to support a continuation of the uptrend. A liquidation and return to $2.93 is therefore still possible.
In conclusion, current technical signals and trader positioning indicate that XRP could soon break through its resistance at $3.3, paving the way for a potential substantial rally of more than 25%. However, investors should remain vigilant about the inherent volatility in the cryptocurrency market in the short term, with possible downside liquidations.
XRP displays impressive resilience with support at $2.94 and bullish forecasts targeting $3.84 by the end of 2025. Accumulation by whales and a long/short ratio of 3.34 on Binance reflect strong bullish sentiment. However, a liquidation at $2.93 remains possible if the market turns. Investors must weigh opportunities against volatility risks.
Before investing, monitor technical levels and Ripple announcements to optimize your strategy.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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