- XRP is testing the key $3 support level after failing to stay above $3.21.
- A potential breakout toward $3.82 is possible if the price rebounds.
- Wellgistics Health reveals real business use of XRP in its SEC filing.
XRP is once again holding the spotlight as it tests the $3 support after sliding from a recent high near $3.50. The token had surged sharply before pulling back to the $3.00 level, where buyers are now stepping in to defend. At the time of writing, the token is priced around $3.13, staying just above its short-term moving average support.
CasiTrades, a well-followed market chartist, shared that the token’s recent drop could be part of a deeper market structure. According to him, the asset just completed a subwave 2 correction, pulling back to a deep Fibonacci retracement level.
What stands out is the lack of a new low, suggesting strength underneath. If this setup holds, the next move could be a strong wave 3 rally targeting around $3.82.
He also pointed out that the $3.82 level has historical relevance, often cited as the previous all-time high for the token. That adds more weight to the idea that if the token breaks past the $3.21 resistance again, momentum could push it quickly toward new highs.
Some traders are staying cautious, especially heading into the weekend. But others believe that hesitation could set the stage for a surprise move upward.
Also Read: XRP Drops 10% Following $175 Million Token Transfers to Exchanges
XRP Bulls in Control with Uptrend Intact Above Key EMAs
The token’s short-term chart indicators remain positive, too. Each of its main exponential moving averages lies in a bullish alignment, with immediate support for a 20-day EMA located at $3.0191.
The 50-day and 100-day EMAs located at $2.67 and $2.48, respectively, are significantly lower than current price levels, suggesting a continuation of an uptrend.
The Relative Strength Index (RSI) currently sits at 60.04. It has declined from a high of 78.56, allowing the market to cool without flipping bearish. The RSI staying above 50 supports continued bullish momentum.
Meanwhile, the MACD has shown a bearish crossover, though the histogram remains only slightly negative at -0.0111. This mild shift suggests that downside pressure is limited, and a reversal could materialize if buying volume picks up.
The first level of resistance comes at $3.50, with additional potential for a rise to $3.85 and $4.00 should price action strengthen.
Business Use Case Gains Attention
Outside of charts and price action, XRP got a boost from a regulatory filing that’s turning heads. Bill Morgan, a known XRP attorney, highlighted details from Wellgistics Health’s S-1 form filed with the SEC.
The company isn’t just planning to hold the token as part of its reserves; it’s looking to use the XRP Ledger to handle real-time payments across its business.
The filing also outlines plans to raise capital using the token, earn income from its holdings, and use XRP as collateral. This is more than just theory; it’s a working example of XRP being used in real business operations. With that kind of backing, many are rethinking XRP’s potential beyond just trading.
Also Read: XRP Faces Bearish Pressure After Ripple Co-Founder Moves $170 Million in Tokens
