The Significance of XRP Breaking the Key Resistance at $3.13
With the market gradually recovering, XRP has confirmed an important Wave 3 move highlighted by analyst Dark Defender. The completion of this wave indicates that the cryptocurrency is about to enter the next stage of analysis, where the critical resistance at $3.13 poses an essential barrier to further upward momentum.
Key Points
- XRP price confirmed the third wave move with a target range of $3.01-$3.07.
- $3.13 is the crucial resistance level; breaking through or getting rejected will impact the subsequent trend.
- A breakout above $3.13 could eliminate short-term bearish expectations.
- A rejection at this level could trigger an E wave, leading to price decline.
- Currently, the D wave remains active, indicating strong bullish dominance.
In-Depth Analysis
Analyst Dark Defender pointed out that after reaching the third wave target, XRP might face some downside pressure. The target range is between $3.01 and $3.07, and the swift rise on Tuesday allowed XRP to clear this level quickly. However, the upcoming Wave 4 typically comes with bearish tendencies, and this correction phase can provide a chance for bulls to re-enter.Moreover, the formation of the E wave will depend entirely on where the XRP price heads next. If the price successfully breaks the resistance at $3.13, it could shift market sentiment, negating any short-term bearish outlook. Conversely, a rejection at this level might trigger the E wave, potentially sending XRP down to $2.74, crossing all critical Fibonacci levels.
Market Impact
The current market sentiment remains positive, especially with bulls showing strong dominance in the ongoing D wave. Once Wave 4 is completed, the anticipated fifth wave will emerge, which is usually the most bullish phase. Therefore, investors need to closely monitor the breakout at $3.13 to gauge the final market direction.Investment Recommendation
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