- XRP rebounds from $2.70 dip, bulls regain control swiftly.
- Bear trap confirmed, $3.55 target now in sight for XRP.
- Accumulation phase complete, XRP bulls preparing for next major push.
XRP traders experienced a wave of excitement as the cryptocurrency swiftly recovered from a dip below $2.70, a movement that some now see as a classic bear trap. The price briefly dropped toward the lower Bollinger Band, triggering panic among weak long positions and activating short sellers.
However, the price quickly reversed back into the same zone, leaving bears stuck while the bulls regained control. At the moment, XRP continues to hover above its 20-week moving average, signaling potential for a stronger upward move in the bigger picture.
Historically, when XRP consolidates in the mid-range after a significant surge, it often builds strength for another price rally. For now, $2.70 remains the key price level to watch.
If the bulls can defend it, the path may open up for XRP to target the upper Bollinger Band near $3.55, a level that previously halted the rally in July. A clear breakout above $3.55 would confirm that the bear trap is over and that a new rally could be in motion.
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Looking at the daily chart, XRP’s price has been consolidating in a sideways movement for weeks, testing traders’ patience. During this time, larger investors appear to have been accumulating positions, absorbing liquidity before lifting the price back above $2.80.
While the accumulation phase may have been frustrating for many traders, it often signals the buildup of momentum for the next price surge.
Source: Tradingview
Bulls Eye $3.55: The Bear Trap Sets Stage for Strong Rally
With the bear trap now behind them, XRP’s bulls are regaining momentum, and many traders believe the next major move is up. The brief dip and subsequent reversal have shaken out weak hands, positioning the market for a fresh push toward higher levels.
If XRP can maintain its support above $2.70, the road to $3.55—an important resistance level—becomes clearer. A clean break above this price point would solidify the bullish case, marking the end of the bear trap and signaling the start of the next bullish phase.
As the market stabilizes, all eyes are on how XRP will handle the $3.55 resistance zone. The direction it takes over the next few days could determine whether the recent rally is just the beginning of a much bigger price surge.
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