XRP experienced substantial turbulence as its price edged close to $3.05. Following this peak, the currency languished in a narrow range around $2.99, triggering fierce sales at the intraday resistance summit. Despite seller pressure, buyers tenaciously defended the $2.99 zone on multiple occasions. Market observers noted a doubling in trading volumes, combined with withdrawals exceeding $300 million from large accounts. Anticipations are high that breaching the $3.04–$3.05 range might drive XRP toward $3.10, parallel to upcoming macroeconomic and regulatory dates.
XRP’s Technical Landscape: Resistance and Support Levels
A prominent observation is the liquidity rapidly absorbed and multiple defenses mounted at the $2.99 level. The microstructure of the market signals recurrent pullbacks from attempts to breach the sales wall concentrated in the $3.04–$3.05 band. A compressed intraday wave range from $2.97 to $3.05 emphasises the current tightening momentum over the short term.
The short-term trajectory may favor buyers if the $3.03 level is reclaimed and the price maintains over $3.05. In such instances, the heightened volume profile could stimulate follow-through purchases. Conversely, falling below $2.99 suggests potential support modifications, although intraday trends indicate quick rallies at this price.
Firm confirmations of closures above $3.05 are crucial for those considering positioning in XRP. Failed attempts may lead to an accumulation phase around the $2.99 mark. While sales from massive accounts spur short-term volatility, persistent accumulation at lower prices may show a strengthening trend.
Medium-Term Prospects
Discussions regarding XRP in the market center around two primary factors: the anticipated Fed interest rate decision and the ETF schedule. Expectations around these subjects directly sway both spot and derivatives actions.
As prospects of a Fed rate cut rise alongside upcoming regulatory announcements, there might be upward movements toward the $3.10 threshold preceding these events. Doubled volumes and intensified institutional flows reinforce a short-term bullish narrative.
However, a letdown tied to scheduling or recurrent retreats at resistance might extend the congestion in the $3.04–$3.05 range. A breached $2.99 support will likely heighten volatility further. On the flip side, consistent successes above $3.05 can technically validate acceleration toward the $3.10–$3.12 zone.