XRP continues to trade confidently at around $3.52, maintaining strength after breaking its all-time high. This scenario has drawn heightened attention from market participants.
Support at $3.40
XRP has managed to stay above the Fibonacci 1.0 level, which is seen as a positive signal for the market. This level, which previously served as resistance, is now being tested as new support, indicating increased investor confidence.
Descending Channel and Retest Possibility
Despite XRP's current strength, prices are navigating within a descending channel on the 4-hour chart. This typically indicates short-term profit-taking after a strong rally, and if the structure holds, a retest of the lower support could happen. The Fib 0.888 level at $3.12 is expected to be the next key point to watch.
Market Outlook
Technical indicators continue to support a bullish narrative. XRP remains above major moving averages, with positive momentum indicators showing strength. The recent breakout to a new all-time high of $3.65 and the current price of $3.52 indicate an optimistic market sentiment, with potential targets ranging from $6 to $27 over time.
XRP is at a critical juncture with a support level at $3.40 and the possibility of a retest at $3.12. These scenarios will shape the next trend in XRP's bullish cycle.
