Family, let's talk about XRP's recent market trends. Brother Hao has been closely watching the latest market dynamics and technical indicators, and this coin has indeed been quite strong lately, showing signs of a strong breakout. However, the short-term direction will still depend on the battle between key resistance and support levels.
XRP has been accelerating upward recently, breaking above the bearish trend line at $3.00, with an overall increase of over 10%. It is currently trading around $3.30, firmly above the 100-hour moving average, which is a clear bullish signal.
However, key resistance levels need to be closely monitored. The $3.40-$3.42 range is a dividing line for short-term bulls and bears. If it can break through this range, it might continue to rise, with potential targets at $3.50, $3.62, and even the opportunity to challenge $3.75.
Looking at the support below, initial support is at $3.25, with strong support at $3.15, which is a Fibonacci retracement level. If this strong support cannot hold, it may have to retrace to the psychological level of $3.00.
From a fundamental and on-chain data perspective, in August, the number of whale addresses holding between 100,000 and 1,000,000 LINK increased by 4.2%. This institutional-like behavior may indicate a tendency to increase holdings of XRP. Also, Ripple co-founder Chris Larsen, although he has sold off some in phases, such as transferring $26 million to Coinbase, the long-term selling pressure has already been absorbed by the market and hasn't hindered the upward trend.
Finally, Brother Hao's operational strategy for today: consider shorting around $3.3120-$3.2910, targeting $3.2300-$3.1500. The market changes quickly, so everyone should operate with caution and not follow the trend blindly, adjusting based on the actual situation.