XRP Price Gets Tighter: Here’s The Level Keeping It From Price Discovery

XRP is now back trading above $3 and is holding well above the price ￰0￱ is on the back of days of consolidating around $2.8. Although price action in the past 24 hours has seen XRP trading back above $3, it is yet to confirm a close to solidify the ￰1￱ this backdrop, technical analysis of the XRP 4-hour candlestick timeframe chart shows a critical level that could determine whether XRP finally breaks free into price ￰2￱ Keeping XRP From Price Discovery Although the XRP price is currently inching slowly upwards, technical analysis shows it is yet to break above a technical resistance keeping it from price ￰3￱ to a technical analysis of the XRP 4-hour candlestick timeframe chart that was posted on the social media platform X by CoinsKid, XRP’s movement in August was capped by a resistance line at $3.3774.

This resistance is represented with the white trendline in the price chart ￰4￱ Reading: XRP Price Confirms Descending Trendline Breakout, Here Are The Targets The importance of this line goes beyond short-term price ￰5￱ it stands, this resistance barrier has effectively become the gatekeeper between XRP’s current price action and the possibility of a major breakout for price discovery into new all-time ￰6￱ to the analyst, clearing this line would mark the point at which XRP could enter price discovery, a stage where there are no previous highs to serve as reference ￰7￱ that happens, XRP is expected to continue oscillating within its established range, with $2.7346 acting as the lower white support line on the ￰8￱ Shakeout Before The Break Although XRP has managed to hold above notable price points around $2.8 during its most recent corrections, there’s always the possibility of a strong downside ￰9￱ also noted that a final shakeout could take place before any bullish breakout ￰10￱ Reading: Is The US Planning To Use XRP To Clear Trillion-Dollar Debt?

New Developments Shock Community This shakeout could see the sellers gain temporary momentum and cause the XRP price to break below $2.8 and crash to lower price ￰11￱ this case, the analyst pointed to the orange support trendline at $2.3375 as a possible level that XRP might retest in such a ￰12￱ linked this possibility to September, earning the reputation of being rektember during bull cycles. However, this September might be different, considering the current dynamics of the crypto ￰13￱ the time of writing, XRP is trading at $3.06, up by 1.8% in the past 24 ￰14￱ analyst noted that XRP’s macro structure will be bullish as long as it holds above the green line at $1.9061.

This long-term support has so far underpinned the rally that began in late ￰15￱ is already up by about 10% from its September open, but it could possibly perform better in the later part of the ￰16￱ probability of a Fed rate cut in September is now above 97%, and this could play into a bullish run for XRP and many other large market-cap ￰17￱ image from Adobe Stock, chart from ￰18￱