XRP closed with a bullish engulfing candle, rising 11.2% to $3.33 within 24 hours.
Immediate resistance stands at $3.37, with $2.99 acting as firm support.
XRP/BTC also gained 9.8%, indicating broad-based market strength.
XRP made a major shift over the past 24 hours, and it ended last with a bullish engulfing candle on the daily chart. Buying pressure intensified, with the price of the asset increasing by 11.2% over the period to $3.33. The formation occurred within an essential resistance level of 3.37, a price that traders are tracking to break.
The support is currently settled at 2.99 with the 24-hour range displaying movement between $2.99 and $3.37. This price movement arrives as analysts point to technical indicators that may shape the short-term trend in XRP.
Bullish Engulfing Forms as XRP Momentum Builds
The bullish engulfing pattern has become prominent because it showed up near a resistance barrier. The candle body fully engulfed the previous day's range, indicating a shift in short-term momentum. These patterns are used to analyze potential continuation patterns if supported by consecutive closes. Timing matters since the advance occurred after XRP's recent consolidation phase between support and higher resistance levels of $2.99.
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This technical action was accompanied by a palpable increase in trading volume. XRP against Bitcoin also reflected gains, rising 9.8% to 0.00002860 BTC. The fact that the move showed up in price action on both USD and BTC charts means that the action was widespread and was not limited to one trading pair.
XRP Trades Near Tight Range as Focus Shifts to $3.37 Resistance Zone
The $3.37 level stands out as an immediate resistance point. Market participants are watching whether XRP can maintain momentum to close above it. Historically, resistance zones of this nature have served as decision points for directional moves. The asset’s recent gains have brought it within a narrow margin of this threshold, increasing the focus on upcoming sessions.
Support remains anchored at $2.99, which has held through recent tests. The maintenance of this base level reinforces its relevance in the current structure. However, the distance between support and resistance remains tight, emphasizing the importance of near-term closes.
XRP Sentiment Rises as Price Nears Key Resistance
Market sentiment, measured through the recent price and volume changes, shows an increase in participation. The 11.2% daily price gain was accompanied by stronger intraday movement within the 24-hour range. The chart data indicates that momentum picked up in the final hours before the daily close, which completed the engulfing candle.
The sequence of higher closes over the past week has provided context for the current move. With the candle formation now established, market positioning will likely depend on interaction with the $3.37 resistance. The outcome at this level could determine whether the price sustains above the current range or reverts toward the $2.99 support.
