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XRP is still in an uptrend, albeit in a corrective phase and the key to sustaining the bullish case is holding above the support levels. The altcoin has been consolidating just below its all-time high territory, and while the market remains in a mixed phase, the outlook is still positive. At the time of writing, XRP is down and is trading at $3.10 levels.
Support Levels and Short-Term Outlook
XRP is caught in a period of consolidation, hovering just below key resistance levels, particularly the breakout point at around $3.40. The support area is clearly defined between $2.52 and $2.94, and as long as this range holds, the bullish bias remains intact. A drop below $2.52, however, would challenge the short-term bullish thesis and may require a revision of market expectations.
Market Structure and Key Resistance
The market recently surged by 72% after breaking out of a triangle pattern, which was completed on January 13. However, the price is still below a critical resistance level, and this zone has historically been tough to break through. The all-time high remains a hurdle for XRP, but it is not surprising to see the market consolidate before attempting another push higher.
Euphoria in the Market: A Sign of Potential Rallies
There’s a surge in market enthusiasm, which could act as a catalyst for a rally in the coming weeks. While euphoria is often seen during the final leg of an uptrend, it is important to remain cautious as blow-off tops can form in such conditions, especially with Bitcoin and other major assets.
Key Levels to Watch for the Next Upside
The next important upside targets for XRP, if the support levels hold, are $4.19 and $5.00. The $4.19 mark represents a smaller Fibonacci extension, while the $5 level is a more significant target. A decisive move above these levels would set the stage for further gains and potentially a new rally.