XRP Price Prediction: Can It Break $3? Key Levels to Watch for the Breakout

XRP is currently in a consolidation phase, trading around $2.6 after failing to break through the key $3 resistance level. Recently, the cryptocurrency surged to $2.9 but stumbled at $3, causing a 7.91% drop. It has since settled into a narrow range between $2.4 and $2.6, leaving traders wondering if XRP can finally push past the $3 barrier or if more consolidation is on the way.

Keep reading to find out where XRP’s price could head in the days ahead.

The Battle at $3

Market analyst Dom highlights that XRP’s struggle to pass the $3 mark is due to significant sell orders on major exchanges like Binance and Coinbase. Binance has 34 million XRP in sell orders between $2.8 and $3.5, while Coinbase adds 16 million XRP. Together, these sell walls total 50 million XRP, creating a major hurdle for XRP to climb higher.

This suggests strong resistance around $3, making it tough to break without a surge in demand.

Political Tensions in South Korea

The recent political situation in South Korea, where martial law has halted trading activity, is also affecting XRP. However, experts believe that once geopolitical tensions ease, XRP may regain its momentum, boosting optimism for its price in the near future.

Can XRP Hold Its Ground?

On the other hand, there is solid support at lower price levels. Binance has 10 million XRP in buy walls between $1.9 and $2.3, while Coinbase has 4.3 million XRP in the same range. Together, these buy walls total 14.3 million XRP, showing strong demand at these levels and suggesting that downside risk might be limited in the short term.

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Is a Rally on the Horizon? Experts Weigh In

Dom believes that XRP’s current consolidation between $2.4 and $2.6 could set the stage for a future rally, as long as it remains stable within this range. However, breaking past $3 will require strong buying momentum and increased market activity.

Crypto analyst Miles Deutscher praised XRP’s 10-year chart, calling it one of the strongest in crypto, marked by dramatic spikes, steep falls, and long periods of dormancy. He hopes this rally will resemble the success of 2021, not the decline of 2018.

Raoul Pal echoed the bullish sentiment, noting that the XRP chart has surged significantly after similar patterns in the past, indicating room for further growth. 

FAQs

XRP’s path forward is one to watch closely as it prepares for what could be a crucial turning point in the coming weeks.