Ripple (XRP) is testing the key support level of $2.70 again, marking the third touch within just six weeks. Technical indicators and market sentiment are warming up in sync, with renowned analyst Ali Martinez noting that XRP's TD sequence has turned positive and issued a buy signal, indicating that a breakout may be brewing.
technical indicator releases breakthrough signals
(Source: Trading View)
As of September 3, XRP is priced at $2.84, up 2.35% in the last 24 hours, with trading volume increasing by 11% compared to the previous day.
On the 4-hour chart, XRP has successfully broken through the descending trend line, opening up space for a further rise of about 10%. However, the 15-period and 21-period EMA still pose short-term resistance. If it can close above $2.82 on the 4-hour candlestick, it will confirm a bullish breakout, targeting the strong resistance area at $3.10.
On-chain data shows bullish dominance
CoinGlass data shows that the market is dominated by long positions, with key liquidation areas concentrated at 2.70 USD (support) and 2.825 USD (resistance).
Currently, the value of long leveraged positions has reached 77 million USD, while short positions stand at only 19.55 million USD, indicating that market sentiment is clearly bullish. If the price breaks through 2.825 USD, it may trigger short covering, further driving the upward momentum.
Potential Risks: Exchange Reserves Increasing
Despite the strong bullish signals in the short term, on-chain monitoring shows that approximately $10 million worth of XRP has been transferred to exchanges in the past 24 hours, suggesting that some long-term holders may be preparing to take profits.
At the same time, the XRP reserves of the world's largest CEX increased by 61 million coins in a single day on September 2, rising from 2.928 billion to 3.538 billion, which may bring additional supply pressure in the short term.
short-term key observation level
Support level: $2.70 (if it breaks, it may trigger a deeper pullback)
Resistance level: $2.825 (expected to surge straight to $3.10 after breaking through)
Technical Indicators: TD Sequential Buy Signal, EMA Resistance Breakthrough Situation
Conclusion
XRP is currently at a critical moment of tug-of-war between bulls and bears. The technical indicators and market sentiment provide ample fuel for the bulls, but the rising exchange reserves and potential selling pressure from long-term holders may still pose resistance on the way up. If it can break through $2.825 and stabilize above it, the probability of XRP hitting $3 or even higher in the short term will significantly increase.
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GateUser-3cfe2d11
· 09-03 20:56
A great opportunity, as always, expected and forecasted)
XRP bullish signals ignite the market! Long positions are pressing in, and a breakthrough of 3 dollars is just around the corner?
Ripple (XRP) is testing the key support level of $2.70 again, marking the third touch within just six weeks. Technical indicators and market sentiment are warming up in sync, with renowned analyst Ali Martinez noting that XRP's TD sequence has turned positive and issued a buy signal, indicating that a breakout may be brewing.
technical indicator releases breakthrough signals
(Source: Trading View)
As of September 3, XRP is priced at $2.84, up 2.35% in the last 24 hours, with trading volume increasing by 11% compared to the previous day.
On the 4-hour chart, XRP has successfully broken through the descending trend line, opening up space for a further rise of about 10%. However, the 15-period and 21-period EMA still pose short-term resistance. If it can close above $2.82 on the 4-hour candlestick, it will confirm a bullish breakout, targeting the strong resistance area at $3.10.
On-chain data shows bullish dominance
CoinGlass data shows that the market is dominated by long positions, with key liquidation areas concentrated at 2.70 USD (support) and 2.825 USD (resistance).
Currently, the value of long leveraged positions has reached 77 million USD, while short positions stand at only 19.55 million USD, indicating that market sentiment is clearly bullish. If the price breaks through 2.825 USD, it may trigger short covering, further driving the upward momentum.
Potential Risks: Exchange Reserves Increasing
Despite the strong bullish signals in the short term, on-chain monitoring shows that approximately $10 million worth of XRP has been transferred to exchanges in the past 24 hours, suggesting that some long-term holders may be preparing to take profits.
At the same time, the XRP reserves of the world's largest CEX increased by 61 million coins in a single day on September 2, rising from 2.928 billion to 3.538 billion, which may bring additional supply pressure in the short term.
short-term key observation level
Support level: $2.70 (if it breaks, it may trigger a deeper pullback)
Resistance level: $2.825 (expected to surge straight to $3.10 after breaking through)
Technical Indicators: TD Sequential Buy Signal, EMA Resistance Breakthrough Situation
Conclusion
XRP is currently at a critical moment of tug-of-war between bulls and bears. The technical indicators and market sentiment provide ample fuel for the bulls, but the rising exchange reserves and potential selling pressure from long-term holders may still pose resistance on the way up. If it can break through $2.825 and stabilize above it, the probability of XRP hitting $3 or even higher in the short term will significantly increase.