XRP has shown positive signs in recent days after its price responded to a key 50% retracement level from the recent rally. This pullback found strong support, with the price bouncing higher, leading many to expect higher prices in the near future. However, the key support and resistance levels are crucial to keep an eye on and for the short term, the main support for XRP is between $2.70 and $2.90. If XRP remains above this level, it will remain in a strong position for a potential upward move. At the time of writing, the XRP price has risen more than two percent in the last 24 hours and is trading at a level of $3.18.
Current Market Outlook
Two bullish scenarios are pursued. One suggests that the price action from December 3 to January 13 formed a bullish triangle pattern, with a breakout expected to continue the uptrend. While XRP has yet to break 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 upside momentum. The January 13 price rally is seen as an encouraging sign of a possible trend shift, but it is important to distinguish between short-term pullbacks and ongoing bullish moves.
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 falls below $2.52, traders will look to the $2.32 and $1.96 levels for further support.
- Resistance levels: On the upside, the next major target is $4.19, followed by $5, which are major Fibonacci levels in the larger time frame.