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The cryptocurrency market is on a roll, with Bitcoin breaking past $122,000 and altcoins, including XRP, starting to rally. XRP is showing a strong bullish trend as it attempts another breakout above critical resistance levels. Currently trading near $3, XRP is approaching a key pivot around the $3.10 to $3.40 range, a zone that previously triggered sharp rejections.
A concern is the lack of strong spot volume behind this recent move, much of the push higher has been fueled by leverage and short squeezes, especially following similar moves in Bitcoin.
If the token manages to break through and hold above this zone, it could confirm a bullish wave structure, possibly pushing prices toward $3.84, $4.33, and even $5.00 in the coming weeks.
From a technical standpoint, XRP appears to be forming a diagonal bullish structure, with strong support between $2.46 and $2.76. If bulls maintain control above this level, XRP could see an extended third wave rally. Fibonacci extensions show possible targets at $3.84, $4.72, and eventually $5.00, should the rally gain strength.
However, experts stress that a decisive breakout above $3.40 is important to confirm the next leg up. Some bearish divergences have also appeared on higher time frames. With major U.S. inflation data (CPI) due out tomorrow, overall market volatility is expected to rise, which could impact XRP’s next move.
Unusually, Bitcoin dominance remains strong even as altcoins rally, which is seen as a bullish signal for the entire crypto market. If this liquidity continues to build, more capital will rotate from Bitcoin into major altcoins like Ethereum, Solana, and XRP.