XRP Eyes $3.20 With Bull-Flag Setup, Support at $2.89.
XRP targets $3.20 with bull-flag setup, while $2.89 remains crucial support
FUNDAMENTAL OVERVIEW:
Overall crypto sentiment brightened after Fed Chair Jerome Powell’s Jackson Hole comments raised hopes for policy easing later this year.
XRP, however, remains weighed down by U.S. regulatory uncertainty, despite growing interest from corporate treasuries testing Ripple’s technology for cross-border payments.
XRP’s momentum indicators are signaling weakening bearish pressure. The token fell over 5% on Monday, closing below the 61.8% Fibonacci retracement level at $2.99. However, it quickly rebounded, ending Tuesday above that level, and is currently hovering near $2.99 as of Wednesday.
Should the recovery continue, XRP could advance toward its next daily resistance at $3.40. The daily RSI stands at 48, approaching the neutral 50 mark, hinting at diminishing bearish momentum. Similarly, the MACD reflects this shift with shrinking red histogram bars. On the downside, if a correction emerges, XRP may retreat toward its key daily support at $2.72.
RIPPLE TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
XRP is trading within an up channel.
XRP is moving above 50&100 the Moving Averages (SMA).
The Relative Strength Index (RSI) is in Buying Zone, while the Stochastic oscillator suggests Neutral trend.
Immediate Resistance level: 3.11
Immediate support level: 2.84
HOW TO TRADE XRP
XRP, after a strong upward move on the higher time frame, paused and entered a consolidation phase, followed by a minor correction. It then regained momentum, breaking through a key resistance zone and pushing higher. At present, XRP is testing a crucial level. If this zone holds and price sustains above it, the token could continue its upward trajectory.
TRADE SUGGESTION- LIMIT BUY – 2.92, TAKE PROFIT AT- 3.20, SL AT- 2.79.
