XRP price is trading slightly below $3, and there are indicators that the currency may experience a breakout. Analysts can note that market sentiment is gradually rising to 70%. This level of sentiment usually indicates increased buying and buyer interest. The historical trend suggests that when sentiment is above 60%, assets might record significant upward movements.
The recent four-hour trading charts also indicate expanding volume and net volume. This growth justifies the opinion that XRP may continue to test higher in the near future. Analyst Paul Barron argues that sentiment and volume reinforce each other, supporting the possibility of a bullish breakout in the near future.
The current level of XRP resistance is around $3.40. Analysts believe that a successful breakout of this barrier would create the potential for moving to $5; other market observers believe that the April low could have signaled the end of a corrective wave.
A five-wave impulse move could now be based on this configuration. When this trend is followed, the third wave of XRP can take the price to approximately $3.84 before it might pause.
The current structure has critical support levels. Short-term support falls between $2.97 and $3.20, and a deeper margin is available between $2.79 and $2.87. According to analysts, a decline of less than $2.79 will alert the bullish argument and delay breakout efforts. Such technical areas still characterize the short-term trading perspective of XRP.
In the long run, the XRP may rise incredibly as long as the momentum continues. Those who monitor the wave patterns believe that the continued strength of over $5 may set up the greater rally. In the most ideal strategies, the asset will eventually trend towards the $10 level.
The sentiment, increasing trading activity, and technical support zones offer a good structure to the buyers. The resistance levels are still strong, but analysts believe that Ripple XRP will need to overcome the $3.40 level to reposition its direction in the short term. When that happens, more targets might be more attainable.
The future of XRP is still being given attention as buyers eagerly wait to see signs of an established breakout. According to market data, the cryptocurrency might be reaching a critical stage, and it has the opportunity to determine the direction of the medium-term trend.
Also Read: XRP Price Prediction: Analyst Who Called XRP Rally From $0.50 To $3 Is Now Backing This New Token