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Ripple’s XRP is down by more than five percent at the time of writing and is trading at $2.56 levels. The price hit a range high of $2.82 before hitting a reverse. However, over the last day, the price has broken through significant resistance levels, first surpassing the $2 mark and then pushing above the $2.50 level.
Now, the focus is on the $2.75 to $3 range. The $3 level is particularly important, as it marks a major resistance area on the chart. Once XRP breaks through this level, the next target is the all-time high around $3.30, which is becoming increasingly likely given the current price action.
Short-Term Price Action
However, if the price experiences any short-term pullbacks, key support levels should come into play. For instance, if there’s a dip, the altcoin can expect strong support at the $2.50 level, as this was a previous resistance point. XRP has been showing repeated patterns of brief pullbacks followed by upward movement, similar to what we’ve seen in the past.
According to analyst Josh of Crypto World, if the price continues to fall further, $2 is another level to watch, as it could act as a strong area of support as well. These support zones are crucial to monitor, as any dips toward these levels could present buying opportunities for those looking to enter or add to their positions.
Looking at the Bigger Picture
From a larger time frame perspective, the bullish trend remains intact, and we’re getting closer to an all-time high breakout. While short-term pullbacks and volatility are common in any bull market, it’s important not to be discouraged by these movements.
The bigger picture for XRP remains bullish, and the potential for new all-time highs is on the horizon. So, even if there are some minor retracements or short-term corrections, the long-term outlook remains positive.