XRP News Today: XRP Surges 20% This Week, Eyes $3 Resistance

XRP, the cryptocurrency associated with Ripple, has been on a steady upward trajectory this week, with a strong bullish trend evident on the daily charts. The cryptocurrency has posted several consecutive green candles, indicating rising buying pressure in the market. XRP is known for its sharp movements once momentum builds, and currently, it is clearly in an upward trend. Recently, XRP broke through a key resistance area between $2.55 and $2.62, with the next significant target sitting between $2.80 and $3.00.

However, there is a concern that XRP is currently in overbought territory on the daily timeframe. While the price is strong, it could face some pullback or slowdown before attempting another big jump. If XRP can successfully break and hold above $3 in the coming days, it could quickly surge toward its all-time high range between $3.30 and $3.40. Historically, XRP has shown a tendency to move fast when it gains momentum, and this time might not be different.

If the price struggles around $2.90 to $3.00, support is expected to come back in between $2.55 and $2.62, which was previously a strong resistance zone. As long as the price stays above these levels, the overall outlook for XRP remains bullish. An expert explained that XRP formed a strong support zone around $1.90, creating a triple bottom pattern. This was followed by an inverse head and shoulders pattern, which helped push the price up. After breaking important resistance levels at $2.33 and $2.32, XRP surged close to $3.00. Right now, the price is pulling back near $2.77, but if this support level holds, the upward trend could continue.

The recent rally has been driven by strong volume and institutional support, with analysts predicting that a close above $3 on a weekly basis could trigger a rally to $6. The market structure remains bullish, with major moving averages well above XRP and turning upward, signaling a transition from a consolidation phase to an acceleration phase. However, the Relative Strength Index is in overbought territory, which could lead to a brief retracement as short-term traders take profits.

Despite the overbought conditions, consistent high-volume buying has been maintaining the RSI at elevated levels, suggesting institutional involvement and confirming the legitimacy of the move. A strong candle on Monday's trading session, which typically sees increased volume and liquidity, could clear the resistance just below $3 and pave the way for an attack on the $3 level. This level has not been seen since the last significant bull run, and a confirmed breakout above $2.90-$3 on growing volume could unleash more momentum as sidelined buyers rush to join.

The recent surge in XRP's price has been attributed to whale activity, with large leveraged long positions suggesting aggressive buying from institutional investors. This has led to speculation about a potential breakout to new all-time highs this July, with analysts predicting that true excitement will begin once XRP breaks its all-time high of $3.84. The breakout above the $2.60 resistance level has confirmed a bullish structure, and institutional support is increasing, further fueling the rally.

As XRP approaches the final obstacle preventing it from reaching a significant psychological milestone, investors should keep a careful eye on the response as it gets closer to this untested level. The sentiment around XRP has been heating up, and a confirmed breakout above $3 could quickly surge the cryptocurrency toward its all-time high range. However, it is important to note that the market is still in a trending phase, and consistent high-volume buying will be crucial in maintaining the momentum.