- XRP is testing $3.25 resistance as analysts eye Wave 3 targets at $13.13, $18.22, and $36.76.
- On-chain data shows rising wallet activity and accumulation despite bearish sentiment in derivatives.
- XRP maintains support above $2.90 with a bullish structure, though momentum indicators show weakening strength.
XRP is entering a key stage in its market cycle as analysts forecast the end of a cooling phase. Strong rallies in June and July have set the stage for a potential breakout. At the time of writing, XRP traded at $3.19, with a market cap of $188.47 billion and steady 24-hour volume of $3.39 billion.
Technical Pattern Aligns With Historical Wave 3 Setup
According to analysis prepared by Dark Defender, XRP is showing a familiar wave structure consistent with past bull cycles. The current price action mirrors movements seen in 2017 and 2021, when XRP retraced to Fibonacci levels near 1.618 and 2.618 before rising sharply.
These retracements often preceded the development of Wave 3, considered the strongest wave in Elliott Wave theory. Current targets mapped by analysts include $13.13, $18.22, and $36.76. Technical structure on the weekly and monthly charts continues to form higher lows, while XRP maintains support above $2.90.
The next test will be the $3.25 zone, which has become short-term resistance. If broken, the next area to watch is between $3.80 and $4.30. Momentum indicators such as the RSI and MACD suggest slowing buying strength, though the overall uptrend remains intact. Price stability above $2.75 continues to support the broader bullish case.
Derivatives and On-Chain Data Show Mixed Sentiment
According to CoinGlass data, open interest in XRP futures fell from $10.94 billion to around $9 billion in the past week. This suggests that some traders are exiting positions, either for profit-taking or due to short-term caution.
Funding rates have also turned negative, with more traders opening short positions, indicating bearish sentiment in the near term. Despite this, on-chain signals remain constructive.
The level of activity in the wallets is rising and the outflow on exchanges indicates accumulation of long term holders. Combined with a stable market structure, these patterns reflect early-stage positioning ahead of a potential rally.
