XRP Bulls Target $2.94 Breakout for Major Rally - Here’s What’s at Stake
XRP faces a critical juncture as whales dump holdings amid fierce $3 resistance.
The $2.94 level isn't just another number—it's the line in the sand separating consolidation from potential parabolic movement. Market watchers note substantial selling pressure from large holders, creating headwinds for the token's upward trajectory.
Breaking through this barrier could trigger a cascade of buying activity from sidelined investors waiting for confirmation. Technical analysts point to weakening momentum as whale wallets continue distributing coins into recent strength—a classic 'sell the news' pattern that's become all too familiar in crypto.
Meanwhile, retail traders remain cautiously optimistic, placing leveraged long positions at key support levels. The ongoing battle between institutional profit-taking and retail speculation creates volatile conditions perfect for both breakout and breakdown scenarios.
Remember: in crypto, 'resistance levels' are just suggestions until someone writes a big enough check to prove otherwise—usually right after the little guys capitulate.
Symmetrical Triangle On XRPBTC Points To Upside Potential
In expanding his analysis, CRYPTOWZRD emphasized that both the daily candle of XRP and XRPBTC closed indecisively, leaving traders on edge about the next major move. He pointed out that the relationship between Bitcoin dominance and XRPBTC could be a decisive factor. Should Bitcoin dominance weaken further, it would likely give XRPBTC the strength it needs to move bullishly and trigger a breakout from its symmetrical triangle formation.
According to CRYPTOWZRD, this potential breakout in XRPBTC is critical because it WOULD naturally extend to XRP’s price action. Such a scenario could provide the fuel needed for XRP to shift out of consolidation and begin a more impulsive upside run.
The analyst further noted that if XRP turns bullish, it would not only trigger momentum but also allow the asset to break out of its daily lower-high trendline. This move, he explained, would come from a double-bottom formation visible on the daily chart. With these confluences aligning, the technical setup appears increasingly favorable for a strong push to the upside.
CRYPTOWZRD highlighted $3.65 as the next significant resistance level to watch. A decisive breakout above this point would mark a pivotal moment for XRP, as it would pave the way for a new all-time high. To stay ahead of the move, CRYPTOWZRD concluded that his focus will remain on lower-time frame chart formations for now, allowing him to spot quick scalp opportunities.
XRP Stuck in Sideways Action: Key Resistance In Focus
Giving his final verdict, CRYPTOWZRD revealed that the intraday chart of XRP is currently moving sideways, showing no clear direction in the short term. He explained that the $2.94 level remains the key resistance zone to watch, as it could dictate whether momentum shifts in favor of the bulls.
According to the expert, a decisive move above the $2.94 resistance would open the door for a strong long opportunity. He added that he intends to take advantage of that setup, but only if Bitcoin’s market structure supports the idea, reinforcing the importance of broader market conditions.
However, CRYPTOWZRD cautioned that if XRP continues to hold below the $2.94 level, more sideways volatility is likely in the NEAR term. In this case, patience will be essential, as the market would need more time to mature before offering the next reliable trading opportunity.
