$XRP Crypto enthusiast Gonzo shared an update on XRP’s technical setup, noting that the asset displayed strength during the day’s trading.
In his words, “$XRP looks strong for the day. It broke the trend line with a re-test of the outside, while holding the 50% level and holding the 50 SMA.” His post was accompanied by a chart illustrating the recent price action, trend structure, and Fibonacci retracement levels.
✨Breakout and Re-Test of the Trend Line
The chart shows that XRP is trading just above the $3.00 level, closing near $3.0454 at the time of capture. A descending trend line that had contained price action for several weeks was recently broken, with XRP moving above it and then returning to re-test the breakout area. This re-test was held, which is the basis for Gonzo’s description of strength.
✨Fibonacci Levels and the 50 SMA as Support
In addition to the breakout, the chart highlights the importance of the 50% Fibonacci retracement and the 50-day simple moving average (SMA).
The 50% retracement is placed at $2.9415, while the 0.382 level sits just above at $2.9993. Both of these align with the moving average zone, providing a technical support range between $2.94 and $3.00.
Gonzo pointed out that XRP held this zone while maintaining support on the 50 SMA, adding weight to the view that the breakout has been confirmed.
✨Resistance and Support Levels Ahead
Upside levels visible on the chart include resistance near $3.1865, with a further marker positioned higher at $3.3924. On the downside, the chart identifies a lower support zone around $2.6965. These price points indicate the next technical areas traders may watch should XRP either extend its move upward or face renewed selling pressure.
✨Short-Term Technical Outlook
Gonzo’s analysis does not project longer-term outcomes but instead highlights intraday conditions that indicate short-term resilience. The emphasis is on the combination of the trend line break, the re-test that successfully held, and the continued support provided by the Fibonacci levels and the moving average.
XRP’s price structure presently reflects a technical recovery from earlier declines, with the $3.00 zone acting as the immediate reference point for strength. Gonzo’s update suggests that as long as this zone remains intact, the outlook for the day favors stability above the breakout level, with attention shifting to resistance levels above.
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