XRP Poised for $9 Surge if It Breaks $3.10 Level
XRP is nearing a critical resistance level around $3.10, with potential to reach $9 if breached, according to analyst The Great Mattsby. His analysis uses Fibonacci extensions from past market cycles and highlights the 2.272 extension at $3.09986 as a key barrier.
- XRP has consistently faced resistance at the $3.10 mark, identified as the 2.272 Fibonacci extension level.
- Mattsby notes that this level has historically capped monthly closes, emphasizing its significance.
- The next Fibonacci target after breaking this barrier is $9.
- Trend indicators like the Ichimoku conversion line and the 50-week simple moving average support the upward trend.
- The Ichimoku line near $2.63 has been a strong support since last November.
- The 50-week moving average, near $2.37, remains untested since the breakout, suggesting ongoing consolidation within an uptrend.
- A monthly close above $3.10 would signal a move towards the $9 target.
- Current market structure shows a regime shift from resistance to support at elevated levels.
- Potential short-term volatility could include dips into the $2.80s or $2.70s, viewed as noise within the larger trend.
At the time of writing, XRP is trading at $2.99.
