XRP Flirts with $3 as Bulls Eye Breakout

XRP, the native cryptocurrency of the Ripple network, is nearing a significant price milestone as it flirts with the $3 mark. Analysts are closely watching the asset's price action, with some predicting a potential breakout in the near future.

Crypto analyst Dark Defender (@DefendDark) has shared a detailed chart on Twitter, forecasting a move towards $3 for XRP. According to the analyst, the asset is expected to reach $2.77 before breaking higher. This level represents a key resistance that XRP must surpass before testing $3. The chart identifies the 38.2% Fibonacci retracement level at approximately $2.7740, which aligns with the expected short-term resistance.

The asset is currently trading at $2.7 and has spent time consolidating around this level. Reaching $2.77 and breaking above it would reinforce bullish momentum, potentially leading to further gains. Technical indicators and market structure suggest a strong uptrend supported by an ascending trendline. Price movements have consistently respected this trendline, providing a foundation for continued growth.

Fibonacci retracement levels play a prominent role in the analysis. The 23.6% level is $2.9980, indicating a possible intermediate target before XRP attempts to reclaim $3. Meanwhile, the 61.8% retracement level at $2.4467 is a key support zone if a correction occurs.

Dark Defender has emphasized the importance of reclaiming critical resistance zones for XRP's continued bullish trajectory. The analyst reveals that a move toward $3 could occur within hours after testing the $2.77 level. Earlier predictions from the same analyst have maintained a bullish stance on XRP, pointing to similar patterns in past movements. While Dark Defender did not provide a specific target above $3, his recent analysis shows that the digital asset can make a run for $8 soon, breaching its all-time high of $3.84, and confirming the bullish expectations of the XRP community.

As XRP approaches the anticipated breakout levels, the market's response will determine whether the bullish outlook materializes. Investors and traders are advised to conduct thorough research before making any investment decisions, as the views expressed in this article do not constitute financial advice.