🚨XRP Approaching Breakout - What to Watch For! 🚨
$XRP is currently hovering just below the key $2.96 level. The .382 Fibonacci retracement. For about 20 hours, this level has been strong resistance, capping all bullish attempts. Local support is at $2.915, which marks the local .5 retrace off the $2.72 low.
This range between $2.915 and $2.96 is tight!! Buyers have defended the .5 fib, and we’re now seeing repeated attempts to push back through resistance. 🔥Structurally, nothing has broken down. The market is simply coiling beneath a major resistance level and appears to be gathering momentum for a potential breakout. 🚀 Smaller timeframes are still holding the bullish divergence trend on RSI, even with the slight new low. This tells me that selling is still getting exhausted and we aren't in the process of printing a new low.
📉If #XRP can reclaim $2.96 and flip it into support, that would be the first technical signal that strength is returning to the market. If that move is confirmed, we would then look ahead to the next resistance zones at $3.21 and $3.41.
This is still a key moment of consolidation. More time is needed, the strong defense of the .5 level is encouraging. Now, all eyes are on whether bulls can follow through and break the cap off $2.96 to reestablish momentum!
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