XRP News Today: XRP Surges 5% to $3.05, Eyes $3.40 Breakout

XRP is currently experiencing an upward trend, trading just above the $3 support level. This level, which previously acted as resistance, has now flipped into short-term support. As of July 17, XRP is stuck in a critical zone between $2.90 and $3.00, an area that has historically acted as a major barrier for further gains.

According to analysts, XRP needs a confirmed daily candle close above the $3 mark to trigger a possible breakout. If that happens, the price could eye the next resistance levels at $3.18 and eventually $3.40, the previous swing high from January. The $3.40 level also aligns with the 100% Fibonacci extension level, a key indicator often used to project bullish targets.

In the short term, there is a potential bullish “C-wave” pattern forming, hinting that XRP may have already started a new bullish move. However, there’s still some risk of short-term pullbacks if XRP fails to maintain momentum above the $2.90 support zone.

Technical indicators like the Relative Strength Index (RSI) are also showing early signs of a possible bullish continuation. A break above recent RSI highs could fully invalidate any lingering bearish signals and give bulls the upper hand.

If XRP manages to close above $3, it could open the door for a retest of $3.40 and possibly higher levels beyond that. But failure to break through this resistance could result in a short-term correction back toward $2.80.

Overall, the trend remains bullish, but the $3 resistance is the key level to watch this week. A strong breakout here could be the start of a bigger rally for XRP in the coming days. At the time of writing, XRP is up by more than 5% and is trading at $3.05.