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XRP has been seeing some pullback in the last few hours as the broader crypto market dips. After a period of upward momentum, XRP is now testing key support levels, while still holding above the crucial $1 mark. XRP rallied to the $1.26 level, before hitting a reverse. The altcoin is now trading at $1.07 level, up by almost 10 percent in the last 24 hours.
Key Resistance & Future Targets
The next resistance levels are seen at $1.28 and $1.44, based on the current structure. A breakout above these levels would open the door to further gains. However, traders should be cautious and watch for any signs of reversal or corrective pullbacks, as these could present buying opportunities.
Support Levels to Watch
The support level to watch right now is around $0.74. As long as XRP stays above this level, the trend remains bullish. However, a break below $0.74 could indicate a correction or pullback, potentially giving traders a better entry point.
However, the key level to watch is the $1 range. If XRP manages to hold above this, we could see it bounce back and start a new trend. On the downside, if XRP falls below $0.91, it could potentially test lower support at $0.85. The current market conditions hint that XRP, along with other major cryptos, is experiencing some cooling after an overbought period.
Looking Ahead: XRP Eyes Bigger Gains in 2024
With the prospect of clearer regulations, potential legal victories, and strong whale support, XRP is poised for an exciting 2024. If the crypto market continues to gain clarity, especially with the potential shift in SEC leadership, XRP could see even higher prices. Furthermore, developments like crypto ETF approvals could further solidify XRP’s place in the broader financial ecosystem, opening new doors for growth and adoption.