XRP News Today: XRP Rallies 7.7% in V-Shaped Recovery, Traders Target $3.30 as $3.17 Support Holds

XRP has formed a notable V-shaped recovery pattern following a sharp decline to $2.97 earlier this week, sparking renewed optimism among traders and analysts. The asset’s rapid rebound above $3.20 within hours highlighted aggressive buyer participation, with market analyst Joa emphasizing that maintaining support above $3.17 is critical to confirming the bullish reversal [1]. A sustained hold above this level could trigger a breakout beyond $3.30, potentially targeting $3.50 and retesting the 30-day high of $3.65. Coinglass data reinforces this outlook, showing a 142% surge in open interest over the past month, indicating heightened trading activity and growing long-position dominance post-rebound [1].

Technical analysts have also shifted focus to XRP’s long-term potential. XRPunkie, a prominent crypto analyst, noted that the 16% correction from $3.65 to $2.97 aligns with typical crypto market volatility and does not undermine the asset’s upward trajectory. “It’s a healthy correction,” XRPunkie remarked, framing the pullback as a temporary pause before resuming higher prices. The analyst reiterated that the $10–$15 range remains “in play” as a medium- to long-term target, provided macroeconomic conditions and adoption trends remain favorable [1]. This projection is underpinned by XRP’s 92% rally from $1.95 to $3.65 in 30 days, suggesting a strong foundational case for further appreciation if liquidity and sentiment hold.

The immediate focus for traders remains on the $3.17 support level, which serves as a key pivot for confirming the V-shape pattern’s validity. A breakdown below this threshold could reignite bearish pressure, testing the $2.97 low and delaying the path to higher targets. Conversely, a successful hold above $3.17 would signal sustained demand, particularly from retail traders who appear willing to absorb dips and drive coordinated buying. Coinglass’s elevated open interest data underscores this dynamic, highlighting the growing confidence in extended price movements [1].

While the $10–$15 range remains ambitious, XRP’s trajectory hinges on broader factors such as cross-border payment adoption and regulatory clarity. XRPunkie’s analysis frames the current consolidation phase as a strategic buying opportunity, but achieving such a target would require sustained macroeconomic tailwinds and increased institutional adoption. For now, the market is pricing in cautious optimism, with traders closely monitoring price action around $3.17 and $3.30 to gauge the next directional shift.

Source: [1] [XRP Forms a V-Shape Pattern with $10-$15 Still in Play] [https://coinpaper.com/10205/xrp-forms-a-v-shape-pattern-with-10-15-still-in-play]