XRP nears all-time high, with a $3 breakout edging closer
XRP is making headlines again after the token moved back up to a level of resistance that is significantly close to $3.00, a price point that has not been seen since the all-time high.
The price is currently trading at $2.91, up 2.15% over the last 24 hours, leading speculation that a breakout could occur very soon.
"XRP is screaming all-time highs," crypto analyst Ali Martinez said in a recent update on X. He also pointed out a very significant technical setup.
Martinez said XRP is now testing the top of the price channel that has been established for years, around the $3.00 price point. Winning anywhere above the psychological and technical level would likely lead to a huge rally toward the $4.80 price point.
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The optimism is coupled with a significant rise in open interest that now stands at $3.409 billion, indicating increased trader participation and conviction behind XRP's price action. Following the significant build-up of leveraged positions that often take place before substantial price swings, XRP's overall sentiment is bullish.
In support of the uptrend, the price of XRP is consistently trending above its 10-period adaptive moving average, which shows strong underlying momentum and healthy consolidation.
The chart shows that if the bulls can continue the buying support to hold a close above $3 weekly, then XRP is likely to move into price discovery mode.
The next few trading sessions will be necessary since investor focus will be on whether or not XRP can successfully convert the previous resistance into longer-term support.