XRP recently reached new highs but has since seen a slight pullback. The market is hovering around the 2017-2018 highs near $3.28, with the trend remaining positive due to Bitcoin's upward movement.
Fibonacci Extension Levels
The next key Fibonacci levels for XRP are around $4.20 and $5. These levels are based on the Fibonacci extension of the initial price movement. The $5 level is particularly important as part of a larger pattern and tends to hold more significance in this scenario.
Short-Term Price Action
The overall uptrend for XRP is still intact. The key support zone has consistently held between the $2.52 and $2.94 range. The price has shown higher lows and lower highs, indicating the bullish structure is intact. During this consolidation phase, several triangle breakouts have been observed, which often result in rapid price movements.
Support Levels
Current support levels are between $2.52 and $2.94. If the price dips into this area, it could be a buying opportunity. However, there is no guarantee of a pullback. A break below the $2.52 level or the January 13th low of $2.30 could signal a trend reversal.
The trend remains bullish, but a break below $2.52 could be a warning. Focus remains on higher prices, with pullbacks potentially offering buying opportunities.
