The Is it worth investing in Solana now?XRP market has shown notable strength, consistently holding above the crucial $3.250 threshold. Market observers suggest that overcoming the $3.180 barrier could potentially trigger another wave of positive momentum.
After reaching towards $3.35, XRP experienced a modest pullback in its valuation.
Current trading activity places the asset below both the $3.20 mark and the 100-hour moving average indicator.
Technical analysis reveals an ascending channel pattern with foundational support established at $3.0650 on the hourly XRP/USD chart (data sourced from Kraken exchange).
Maintaining position above the $3.00 support level could potentially initiate renewed buying interest.
XRP Maintains Critical Support Levels
The digital asset successfully initiated upward movement beyond the $3.050 and $3.150 resistance zones. While surpassing the $3.20 threshold, its performance lagged behind Bitcoin's market movements. The price established a local peak at $3.3625 before undergoing corrective action.
Following a retreat below $3.15, the market found footing at $3.00 before commencing recovery. Subsequent advancement beyond $3.050 represented a significant development, with the price exceeding the 23.6% Fibonacci retracement level derived from the recent high-to-low movement between $3.3625 and $3.00.
Present market conditions show XRP trading beneath both the $3.20 level and the 100-hour moving average. The formation of an ascending channel with support at $3.0650 continues to influence price action on the hourly chart.
Potential resistance emerges near the $3.180 zone, coinciding with the 50% Fibonacci retracement level of the recent downward movement. Significant resistance levels are identified at $3.225 and $3.350, which could potentially cap upward movements in the near term.
A decisive breakthrough above the $3.350 resistance could potentially propel the asset toward the $3.450 level. Further momentum might test the $3.50 threshold, with $3.550 representing a possible short-term objective. The $3.650 level emerges as a potentially significant barrier that could challenge bullish momentum in the event of continued upward movement.
