XRP Price Compression Near $2.79 Sets Stage for Explosive Breakout: Key Levels to Watch
TLDR:
- XRP price trades between $2.79 and $2.83, forming a tight range that may precede a sharp breakout.
- RSI signals strength while XRP maintains its structure above the .5 Fibonacci support zone.
- Passive buyers have absorbed consistent selling pressure, keeping XRP stable near the $3 mark.
- Analysts expect volatility as XRP approaches key breakout levels after months of consolidation.
The XRP market is entering a tense phase. Price action has compressed between critical levels, signaling a larger move may be near. Traders are watching the token’s behavior at the $2.79 support zone, which has repeatedly held under pressure.
Momentum is now building toward a retest of higher resistance, and the market looks poised for resolution. The next few sessions could determine whether XRP breaks higher or slips back into a broader range.
According to trading analyst @CasiTrades, XRP is holding above the macro 0.5 Fibonacci support near $2.79. The price briefly dipped below but quickly reclaimed that zone on hourly and higher charts. This has reinforced it as a key structural level.
The current setup has XRP fluctuating between $2.79 and $2.83, a range tightening since July’s consolidation began.
XRP Price Near Key Support as Momentum Builds
Traders are describing XRP’s current state as a coiled spring.
With every dip bought back and candles closing above $2.79, technical strength appears to be holding. If price action breaks above $2.83, analysts believe a move toward $3.00 could unfold. That level would confirm renewed buying pressure and possibly set off a wave three impulse toward $4.00 or even $4.50.
Market sentiment reflects cautious optimism. RSI indicators point to a setup ready for expansion, with energy building beneath the surface.
Bitcoin’s recent correction also appears to have concluded, creating room for altcoins like XRP to move. While traders await confirmation, many agree that this calm period may soon end with volatility returning to the market.
Selling Pressure Persists Despite Tight Range
Analyst @traderview2 noted that selling has outweighed buying since April, based on daily volume delta data.
Red bars, representing net market selling, have dominated both frequency and size. However, passive buyers have stepped in repeatedly to absorb pressure, helping XRP stay near the $3 level.
That resilience has prevented deeper pullbacks, but it also raises questions. If new aggressive buyers fail to emerge, price stability could weaken.
For now, CoinGecko data shows XRP trading at $2.79 with a daily volume of over $4.5 billion, down 0.95% in the past day and 7.67% over the week. These figures underline the standoff between sellers offloading and buyers defending the current floor.
XRP’s consolidation continues to narrow, and traders appear to be preparing for whichever side breaks first. A clear move through resistance or support will likely set the next trend. Until then, the market remains on alert.
The post XRP Price Compression Near $2.79 Sets Stage for Explosive Breakout: Key Levels to Watch appeared first on Blockonomi.
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