- XRP is holding above the 21 EMA near $3.08, and a push past $3.29 could confirm bullish momentum for another breakout move.
- Analysts say XRP is in wave (5) of a bullish pattern, with strong support and easing selling pressure signaling room for growth.
- Decreasing volume and long wicks show buyers defending key levels, but a drop below the 21 EMA could trigger another sell-off.
XRP defends its crucial 21-day exponential moving average (EMA), holding steady near $3.08 despite recent price turbulence. According to Crypto Analyst Cryptoes, where EMA stands could act as a strong support, fueling another push toward the $3.29 resistance.
The price previously spiked to $3.60 but quickly retraced, forming a peak-and-dip pattern that signals high volatility. The current price behavior suggests the bulls have not given up yet, especially as long wicks show attempts to hold ground.
According to analyst Cryptoes, XRP remains above the 21EMA, and if the daily candle recovers, a test of $3.29 is likely. The horizontal line at $3.29 marks a key short-term resistance. A closing above the line might pave the way for a new breakthrough.
Bullish Signs Build as Selling Pressure Eases
Another analyst, Egrag Crypto, highlighted XRP’s strong technical position using Elliott Wave theory. The chart shows XRP currently in wave (5) of a five-wave bullish structure. This suggests the coin may have more room to climb. Notably, XRP’s recent price action has stabilized above the 21 EMA, hinting at strong buyer support.
Additionally, long-legged candles show bulls are stepping in. Volume is decreasing, which often signals the end of selling pressure. If buyers push forward with green volume, XRP could break above the downward trendline visible in the volume section. That breakout could send prices higher in wave (5).
Source: Egrag Crypto
Technical Levels and Trend Outlook
XRP now trades in an ascending channel with diagonal trendlines keeping the price on a steady path upward. The support from the 21 EMA adds confidence to this bullish structure. However, failure to hold above this level could trigger another sell-off.
