- XRP broke through an overhead resistance level of 3.4K KRW after several years of suffering under it.
- The price should cross 5K KRW if the buyers press for higher prices.
- Traders are looking to expect support to hold the 3K KRW level if it drops.
This confirmed a very significant bullish breakout for XRP against the South Korean won (KRW), after many years of resistance. Now traders eagerly wait to see what happens next. Analyst Zach Rector (@ZachRector7) highlighted in the weekly chart that XRP/KRW goes beyond the level of 3,445 KRW, thus initiating price discovery for the first time in years. The chart shows a descending wedge formation which had trapped XRP’s price and did not allow any long-term gains. Now that the resistance has been broken, however, XRP has gone into uncharted territories, making way for a potentially extended rally.
Technical Superiority and Momentum of the Market
Months of consolidation within narrow price range followed by an explosive price move past crucial technical levels marked the successful breakout of XRP. The Relative Strength Index (RSI) reads 71.64, which indicates strong bullish momentum, albeit nearing overbought levels. Historically, such RSI readings tend to imply that a cooldown period generally precedes a further upward price move. XRP has managed to produce price action rising trading volume that is evidence confirming the breakout genuinely demand-backed and not just speculative wicks.
This is after long accumulation where buyers constantly test out the 3,000 KRW range. Now that the crypto asset has breached 3,445 KRW, analysts look at the next resistance target of 5,000 KRW, which would certainly be a significant psychological and technical threshold. Buying interest is sustained, and XRP could well trigger acceleration toward this level in the next couple of weeks. However, if it cannot maintain above 3,445 KRW, it may have to retest the breakout zone, which traders will closely observe.
Influences by the South Korean Market on XRP Prices
Historically, South Korea has been one of the largest national markets for XRP trading, with Korean exchanges normally accounting for quite a large portion of international volumes in XRP trading. This latest movement appears to derive from the Korean markets, thereby boosting the already strong establishment of the coin in the region. The breakout matches other bullish runs in previous years, fueled by South Korean demand, thus making it a region to watch unquestionably for further influx of momentum.
Should this bullish movement continue, XRP should enter into an extensive long upward climb, potentially targeting 5,000 KRW or even higher into price discovery mode. However, should profit-taking set in, there could be a pullback toward the 3,000 KRW mark before the next significant leg up. Being now in uncharted waters, almost all traders are waiting to ascertain whether the trend of movement will continue or maybe involve a put-up by collars before another explosive move.
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