XRP price has successfully broken its 4-hour resistance level, signaling strong bullish momentum. According to crypto analyst Dark Defender, XRP must surpass $3.3999 to continue its rally, with $5.85 as a potential target.
The Relative Strength Index (RSI) Golden Cross suggests increasing buying pressure, further reinforcing the likelihood of an upward move.
As of press time, XRP price was trading at $2.61, marking up 6.49% in the last 24 hours and 15.51% in the past week. XRP still is one of the most actively traded digital assets by market capitalization of $149.79 Billion.
XRP Price Overview: Key Support and Resistance Levels
Key support for XRP price can be found at $2.22 where buyers are likely to take the step to halt the downside.
This leaves the resistance at $3.3999 as an important threshold which must be breached in order to extend towards $3.80+ and ultimately $5.85
XRP price has the Elliott Wave structure implication that it is in Wave 3, which is said to be the strongest wave in a five wave cycle.
Should XRP manage to keep the upward push against the resistance, it may cause consecutive very rapid price spikes to new and higher valuation levels.
XRP/ETH Chart Signals Strength Against Ethereum
A separate analysis by Dark Defender indicates that XRP is gaining strength against Ethereum (ETH). The XRP/ETH monthly chart suggests a long-term breakout, following a multi-year downtrend since 2018.
After five completed Elliott Waves in the downtrend, XRP is now in an impulse wave, confirming a bullish reversal.
Additionally, XRP has moved above the Ichimoku Cloud, a very favorable technical indicator for further growth.
The RSI breakout also validates growing momentum for XRP, and the coin might even surpass Ethereum in the coming months.
Whale Activity and Market Sentiment
According to recent data revealed by Kate The Alt, Upbit currently has the most XRP in its possession. It is twice as much as Binance’s holdings.
Its high demand for XRP definitely implies there is huge demand for the coin among Korean investors which could in turn stabilize the price and send it further upside.
Meanwhile, the XRP Ledger NVT Ratio is touching 118.9, which indicates network valuation is soaring over transaction volume.
Such levels have historically anticipated correction in the market, and analysts are questioning if XRP is overvalued at $2.5.
If there is not increased transaction volume, it will lead to a retracement lower, in the $1–$1.5 territory. Moreover, if the price can remain above $2.5, this could imply an extension of the bullish trend.
XRP price continues its breakout, and traders are watching to see whether the momentum continues towards $3.3999. Or if it gets consolidated short term before going up again.
