- XRP defends $2.97 level, preserving a bullish structure post-breakout.
- RSI at 39.53 signals bearish pressure without hitting the oversold zone.
- A bounce from support could trigger an upside move toward $3.2
XRP is showing early signs of bullish momentum after maintaining a close above key support. The asset recently defended a critical level near $2.97, reinforcing positive sentiment. Technical patterns suggest a possible continuation of the upward trend.
Daily Chart: Breakout Holds as Bulls Defend Key Level
XRP successfully broke out from a descending triangle in mid-July. This breakout triggered a sharp rally, lifting the price above $3.40 before a short-term correction occurred.
Analysts noted that XRP then retraced toward the breakout level but found solid support just above $2.97. The price has since closed strongly above this area, maintaining its bullish structure.
Parabolic SAR indicators continue to track closely below the candles, suggesting that upward momentum is still intact. Green trendlines marking previous consolidation zones now act as support, further strengthening the bullish outlook.
Analysts emphasized that holding above $2.97 could attract renewed buying interest in the coming sessions.
4-Hour Chart: Price Faces Resistance as Volume Declines
Meanwhile, XRP is trading at $2.97644 on the 4-hour timeframe, down 0.50%. The price remains confined within a descending channel, with visible resistance near $3.60 and support close to $2.80. Technical readings show declining volume, indicating reduced buyer strength during the latest move.
The Relative Strength Index (14) currently reads 39.53, placing it below the neutral 50 level. This signals growing bearish pressure, although the token is not yet in oversold territory.
Price is hovering near the lower boundary of the channel, and unless bulls reclaim the upper trendline, further downside could remain in play.
Outlook Hinges on Support Reaction
Technical analysts noted that XRP’s ability to stay above the $2.97 level remains crucial in the short term. A successful rebound from current support levels may lead to a push toward $3.20.
On the other hand, failure to reclaim the upper boundary of the descending channel could increase the risk of another decline toward $2.80.
Despite recent selling pressure, the underlying structure on the daily chart remains bullish. Analysts are monitoring price behavior closely around these key levels to confirm the next direction.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
