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XRP price is currently trading at $3.00 following a sharp recovery of the 2.80 support level. The recovery confirms a renewed bullish movement, and the token is at decisive resistance at $3.00. Any breakout above this would create an opening to the July high of $3.65, a 33% possible upside.
The leading resistance bands are still between $3.40 and $3.65. Clearing this zone may yield additional profits, and immediate support remains strict at $2.80. More support would be affirmed at around $1.90, but the general trend is upwards as long as XRP remains above the three-point line. This is a critical point that the crypto market players closely monitor since it may indicate whether the momentum will continue or not.
The four-hour chart indicates XRP resistance is testing around $3.10 following a down-sloping trend line. The escape has given bullish momentum some more power, and traders are keeping an eye on whether price action will be sustained. Assuming that XRP rises above $3.10, the second primary target will be in line with the daily chart forecast at $3.65.
The Relative Strength Index (RSI) is at 62, which means that there is positive momentum, but not an overbought condition. Though there is a chance of a pullback to 2.76 or 2.72 because it has failed to overcome the resistance, volume patterns indicate that it is being purchased consistently. This implies that buyers are sustaining the pressure, a move that reinforces the idea that XRP can continue moving when resistance is removed.
The number of XRP exchange reserves has increased tremendously, with 1.2 billion tokens being transferred to platforms in less than 24 hours. The most significant inflow was registered at Binance and amounted to 610 million tokens. Massive transfers such as these indicate increased activity by key holders and are generally a sign that the market participants are on the verge of facing price volatility.
Analysts caution that such a reserve spurt could bring about greater volatility. A massive selling or repositioning can succeed massive inflows, and the risk of such sharp swings in either direction is high. Though the technical trends indicate additional growth, the spurt in the reserves has created awareness among the traders that a shift in direction may occur.
Also Read: XRP Price Prediction: How High it Will Go if Apple Announces $1.5 Billion XRP Purchase
