XRP Rally to $3: Can Ripple’s Token Defy the Odds or Face a Reality Check?

XRP bulls are betting big on a run to $3—but the charts whisper warnings of overextension. As Ripple’s legal saga drags on, traders face a brutal question: Is this another ’buy the rumor, sell the news’ setup Wall Street loves to exploit?

Technical indicators flash mixed signals while liquidity pools thin out. Meanwhile, crypto’s institutional crowd watches from the sidelines, sipping lattes and waiting for regulators to finish their paperwork.

Ripple’s XRP Price Forms Ascending Channel Pattern

The XRP crypto price has crashed by 5.11% today with a trading volume of $4.23 billion, a change of -24.31%. Moreover, with a trading value of $2.4313 and a circulating supply of 58.55 billion XRP tokens, it has a market capitalization of $142.35 billion.

The Simple Moving Average (SMA) is on the verge of experiencing a bearish crossover in the daily time frame. This highlights an increase in the buying-and-selling pressure for the 2nd largest altcoin in the crypto space.

Adding to this, the MACD indicator records a constant decline in the green histogram in the 1D time frame. Moreover, the 12 & 26-day average witnessed a decreasing trend, suggesting a negative outlook for the price of Ripple token in the upcoming time.

Will XRP’s Value Rise Back Up?

If the bulls regain momentum, this could result in the XRP coin price retesting its immediate resistance level of $2.50. Maintaining the price above that level could set the stage for it to break its resistance trendline of the channel pattern and head toward its $3 mark in the coming time.

On the other hand, if bears gain dominance in the crypto market, this could result in it dropign toward its support trendline of the channel pattern. If the bulls fail to regain momentum at that point, this may pull the price toward its crucial support zone of $2.

Binance Data Signals xrp price Bullish Breakout: CryptoQuant