- A whale’s $2.63M exit highlights caution as XRP faces resistance at $3.11, despite short-term support at $2.99 holding firm.
- XRP’s breakout from a descending wedge signals potential for continuation, with $5.01 as a projected target if resistance zones are cleared.
- Market focus remains on whether sustained closes above $3.11 can confirm bullish momentum or trigger retests of lower zones.
A major XRP transaction has caught market attention after a whale address closed a $2.63 million long position. The move occurred as XRP reached a critical resistance level at $3.11, raising questions about timing and strategy.
The trade emerged alongside a 3.0% daily price increase, with the asset now consolidating above the $2.99 support zone. The closed position of $2.63 million coincided with XRP testing the upper barrier of $3.11. Notably, the asset has held above $2.99 in recent sessions, reinforcing this zone as a short-term base. However, the whale’s exit highlights sensitivity around this resistance. The price behavior at this stage suggests traders are cautious, especially as volumes rise near breakout areas.
Technical Chart Points Toward Higher Ranges
On the daily chart, XRP has broken from a descending wedge formation. This pattern historically aligns with continuation moves, and the breakout now targets higher price levels.
The chart projection shows a potential climb toward $5.0192, a zone highlighted on the chart. However, resistance between $3.11 and $3.50 continues to act as an initial barrier before such higher levels can be approached.
Market Focus Shifts to Support and Trend
Market participants remain focused on whether $2.99 can hold as support during further consolidation. This level has shown strength, but its role remains crucial as XRP seeks momentum beyond $3.11. With whales adjusting positions, traders are monitoring whether sustained closes above resistance can validate the next leg higher. The current setup places $3.11 as the dividing line between renewed upside attempts and possible retests of lower zones.
The future of XRP depends on whether it can continue to cling to the bottom of the $2.99 mark and break through the $3.11 top. The presence of whales highlights market risk, but the breakout formation indicates that it could continue to higher ranges should the momentum pick up and traders should be sensitive to key levels that will define the next decisive move.
