XRP Eyes Key Resistance Level Amid Bullish Rectangle Formation

• XRP trades within a bullish rectangle, eyeing $3 resistance, with a breakout potentially fueling a surge toward double-digit prices.
• The Ichimoku Cloud below XRP’s price reinforces bullish momentum, increasing the chances of an upward breakout.
• Traders watch for a breakout above $3.10, which could trigger a strong rally, while failure may extend XRP’s consolidation phase.

Dark Defender reports that XRP is attempting to claim the $2.7740 level. If successful, the next target will be $3. Breaking above this level may trigger a surge toward double-digit prices. XRP remains in a bullish rectangle formation, signaling strong market interest.

XRP Forms a Bullish Rectangle Pattern

A price consolidation between two crucial horizontal support and resistance levels can be seen in XRP’s daily data. Within this range, the price varies, making both higher lows and lower highs. Whereas the bottom limit provides support, the upper boundary symbolizes opposition. This movement points to a possible breakout and validates a consolidation phase.

Besides, the Ichimoku Cloud indicator appears below the current price action. This placement signifies an ongoing bullish sentiment. Historically, a strong rally preceded this consolidation, reinforcing the likelihood of another upward breakout.

Key Levels and Market Indicators

The data indicates a recent high near $3.40, with XRP currently trading around $2.76. The lower support level stands near $1.90, while the resistance level is positioned at $3.10. Additionally, the Ichimoku Cloud provides dynamic support, enhancing bullish prospects.

Moreover, annotations within define the bullish rectangle pattern. The upper and lower channel lines mark the consolidation range. This structure typically signals accumulation before a breakout. If XRP surpasses resistance, an extended rally could follow.

The price action suggests that XRP remains within a solid market structure. No signs of a trend reversal are present, further supporting the bullish case. The previous price movement indicates strong buying interest, setting the stage for a potential surge.

Consequently, traders often monitor such formations for breakout confirmation. A move above resistance may validate an uptrend, bringing double-digit price targets into play. However, a failure to break higher could keep XRP within the consolidation range.