XRP is trading near the $3 mark after a slight decline over the past 24 hours, while still up 3% over the past week. The price sits around $2.97, with a daily trading volume of about $6.2 billion.

Analysts are monitoring price levels between $3 and $3.15 for signs of a breakout that could lift XRP toward $3.4.

XRP Forms a Bull Flag Near $3.00

Analyst Cryptoinsightuk noted that XRP is displaying a bull flag pattern on its 4-hour chart. The price is consolidating below $3 after a rise from $2.72, with a structure indicating potential upward movement.

Notably, the Relative Strength Index is around 52, indicating neutral momentum with consistent volume that has yet to confirm a breakout. Cryptoinsightuk commented:

“Looking at a little bull flag here for $XRP. I believe a break to the upside would set a minimum target near $3.40, where we see hourly liquidity reside.”
Translation: “A small bull flag is forming for XRP. If it breaks upwards, the minimum target would be around $3.40 where we find hourly liquidity.”

A liquidity heatmap shows a concentration of sell orders around $3.4, which matches the target zone. Resistance lies between $2.95 and $3, while $2.72 serves as key support if prices dip lower.

Key Resistance Levels to Consider

Analyst Ali Martinez revealed that XRP is facing a significant test at $3.15, which could determine its next movement. Currently, XRP is trading slightly below this point after climbing from support levels around $2.87 to $2.93. Ali stated:

“$XRP encounters a critical test at $3.15. A breakout could spark a rally to $3.6.”
Translation: “XRP faces a major challenge at $3.15. A breakout could lead to an increase to $3.6.”

Should the price fail to surpass $3.15, immediate support can be found near $2.93 and $2.87. The recent uptick in higher lows indicates robust buying interest, but confirmation will come only if $3.15 breaks with strong momentum.

Rising Open Interest Near $3 Billion

Data from CryptoQuant, shared by Sjuul, reveals that XRP’s open interest is nearly $3 billion. This increase signals that traders are adopting more leveraged positions around the $3 mark.

Presently, bulls and bears seem balanced, leading each side to prepare for the impending major price move. Historically, similar spikes in open interest have led to swift price fluctuations. Once XRP breaks from the $3.00–$3.15 range, it will find its next direction.

Steady price action indicates that rising open interest signifies heightened market activity.