XRP price enters consolidation after breaking through key resistance: $3 becomes a watershed for bulls and bears, holding this level may lead to another upward attack.

The XRP price is currently retracing and consolidating after breaking through the 3.120 USD resistance level. Although it briefly fell below a key bullish trend line, as long as it can hold above the 3.00 USD key support, the price is expected to attempt another upward push. Technical indicators show that XRP is looking for a new direction, with 3.080 USD being the key resistance for upward movement in the short term.

Price strongly rises and then enters correction

Recently, the XRP price has regained upward momentum, successfully breaking through the resistance levels of 3.00 USD and 3.120 USD, outperforming Bitcoin and Ethereum. Bulls even pushed the price above 3.150 USD, reaching a high of 3.1865 USD. However, the price retraced immediately after hitting the peak and is currently consolidating recent gains. On the hourly chart, the XRP price has fallen below a support level at 3.080 USD, breaking a key bullish trend line.

Technical Analysis: Key Levels and Indicator Signals

(Source: TradingView)

According to technical analysis, XRP is currently facing resistance around the $3.0620 level. The first major resistance level is at $3.080. If the bulls can successfully break through and hold this level, the price is expected to attempt another rise towards $3.120 and $3.180, with the next major target possibly around $3.250.

On the downside, the initial support level is at 3.00 USD, which is also the 76.4% Fibonacci retracement level from the low of 2.9365 USD to the high of 3.186 USD. If XRP cannot hold above 3.00 USD, the price may continue to fall, with the next major support level at 2.9350 USD. Once this level is breached, the price could accelerate downwards to 2.90 USD, and even 2.880 USD.

From a technical indicator perspective, the MACD momentum on the hourly chart is weakening in the bullish zone, while the RSI (Relative Strength Index) has fallen below the 50 level, indicating that buying momentum is weakening in the short term, and bulls need to remain vigilant.

Outlook for Future Trends

XRP is currently at a critical moment. Bulls are actively defending the psychological support level of $3.00, and if this level can hold, it is expected to lay the foundation for the next round of rise. However, if bearish pressure intensifies and causes the price to fall below this support, it may trigger further falls.

Conclusion

The recent price trend of XRP highlights the intense battle between bulls and bears in the market. Whether it can hold the key support level of 3.00 dollars will be crucial in determining whether it continues to rise or further falls in the short term.