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XRP has shown positive signs in recent days after its price reacted to a key 50% retracement level from its recent rally. This pullback found strong support, with the price bouncing upward, leading many to anticipate higher prices in the near future. However, key support and resistance levels are crucial to watch and for the short term, the key support for XRP to hold is between $2.70 and $2.90. If XRP stays above this level, it remains in a strong position for a potential upward move. At the time of writing, XRP price is up by more than two percent in the last 24 hours and is trading at $3.18 levels.
Current Market Outlook
Two bullish scenarios are being tracked. One suggests that the price action from December 3rd to January 13th formed a bullish triangle pattern, with a breakout expected to continue the uptrend. Although XRP has not yet broken all-time highs, the key resistance area to watch is between $3.35 and $3.40. A break above this level would confirm the potential for new highs.
Overall, the market remains positive for XRP, with traders looking for an increase in upward momentum. The price rally from January 13th is seen as an encouraging sign of a possible trend shift, but it’s important to differentiate between short-term pullbacks and sustained bullish movement.
Key Support and Resistance Levels
- Support Zones: XRP has tested and found support between $2.52 and $2.94, making this range a crucial level to monitor. If the price drops below $2.52, traders will look to the $2.32 and $1.96 levels for further support.
- Resistance Levels: On the upside, the next key target is $4.19, followed by $5, which are important Fibonacci levels in the larger time frame.