XRP News Today: XRP Surges 15% Approaching $3 Resistance Level

XRP has recently experienced a significant rally, approaching the $3 mark, which is a critical resistance level on its chart. The price action over the weekend has reinforced bullish sentiment, as XRP repeatedly tested the $3 resistance level before settling above $2.90 at the time of press.

According to a well-followed crypto analyst, the recent breakout aligns with the expectations of Elliott Wave Theory, specifically within a powerful Wave 3 trend. This trend is characterized by clean support flips and vertical acceleration, which is typical of a wave 3 trend. The $3 price level is not just psychological; it aligns with the macro 0.118 Fibonacci retracement level from XRP’s all-time high. Reclaiming this zone suggests a broader bullish continuation in the market.

An expert recently highlighted this level as the neckline for a building cup-and-handle pattern. Breaking above $3.04, followed by a swift and successful back-test, would be the next crucial step. If this occurs, the chart points toward a rapid move above the all-time high. Technical indicators on the chart further support the rally’s strength. A visible bearish divergence in the Relative Strength Index (RSI) is emerging, where price continues to make higher highs while RSI forms lower highs. This divergence can sometimes signal weakening momentum, although in strong wave 3 environments, it may not result in an immediate pullback.

A key observation on the chart is the lack of meaningful resistance beyond $3.40. Once XRP clears that level, it enters price discovery, where historical reference points no longer exist and price can accelerate dramatically. The clean chart structure and scarcity of overhead supply above the all-time high support this view. Additionally, there’s a time-based element to consider. A macro time Fibonacci has been placed near the end of July, which could represent a potential local market top. Wave 3 rallies, however, are known for extending beyond traditional targets, and confirmation of a top would likely involve a sharp push just under a key extension, followed by a clear five-wave exhaustion pattern.