- XRP has gained strength and is pushing past major resistance as buyers take control of the market.
- A breakout above $3 could trigger a bigger rally as short sellers face pressure.
- If bulls hold momentum, XRP could see a strong price jump in the coming days.
XRP has staged a recovery, reclaiming lost ground after a sell-off, with price action showing bullish intent. The latest technical analysis shared by analyst The Great Mattsby (@matthughes13) on X highlights a potential breakout that could propel XRP above $3 if it successfully breaches key resistance levels.
As of the latest 4-hour chart on Bitstamp, XRP is trading at $2.82763, marking a +3.24% intraday gain. The price has broken above a key descending trendline, suggesting renewed buying momentum. The chart indicates a well-structured recovery, with XRP pushing through resistance and forming higher lows, a classic sign of continuation. A breakout above the next major resistance, which aligns near $3, could open doors for an extended rally toward $3.40-$3.60.
XRP Battles Key Resistance Amid Bullish Reversal
After experiencing a sharp price decline from its previous highs, XRP found support near the $2.00 zone, which served as a strong demand area. The bounce from this level led to a steady recovery, with XRP now challenging a key downward-sloping resistance. The technical structure suggests that a breakout from the current price of $2.82 could trigger a move higher, potentially pushing the asset toward $3.20-$3.40 in the short term.
The chart also features converging trendlines, indicating that XRP is at a decision point. A move above $2.90 could reinforce bullish sentiment, while failure to hold above $2.70 may lead to a retest of support levels. The anticipated movement, marked by an upward projection on the chart, aligns with an ongoing shift in market structure, favoring the bulls.
Market Sentiment and Short-Sellers’ Impact
The tweet accompanying the chart adds an intriguing perspective: “Turning disdain into gains. Sponsored by the short-selling bears.” This implies that short positions are facing pressure as XRP’s recovery forces liquidations, fueling further upside. The liquidation of short positions could act as a catalyst, pushing prices higher as traders rush to cover positions.
Additionally, the buy/sell spread, as seen in the order book, suggests that buying interest is gradually outpacing selling pressure, further strengthening the bullish case. If momentum sustains, XRP could soon test the $3 psychological barrier, a key level that, if breached, could pave the way for an even stronger rally toward $3.60-$4.00.
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