XRP has surged to $1.35 following a breakout above $1.34, driven by strong trading volume, yet the momentum appears fragile. Despite this price increase, the lack of follow-through and weak fundamentals suggest that traders should remain cautious. The modest inflows of $3.32 million into XRP ETFs indicate that the market’s recovery is more a result of technical positioning rather than a solid fundamental catalyst.
Key resistance levels are set between $1.36 and $1.40, while immediate support lies at $1.31 to $1.32. A failure to hold above $1.34 could signal a breakdown, potentially pushing XRP back toward $1.28. Currently, the market is in a tight consolidation phase, with buyers attempting to establish a base, but analysts warn that indicators may point to exhaustion rather than sustained strength.
Traders should closely monitor the $1.34 pivot level; maintaining this threshold is crucial for keeping the short-term recovery intact. Without a decisive break above $1.40, XRP may struggle to establish a new upward trend.
Source: coindesk.com