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XRP is showing a promising structure in the short term, with the price responding well to key support levels. After a period of consolidation, the chart hints at a solid bullish setup that has been building in recent days and weeks. The market’s reaction to these support zones suggests the potential for a positive price move ahead. At the time of writing, XRP is trading below $3.10 and is down by more than one percent in the last 24 hours.
Current Price Action and Support Levels
After a pullback in mid-January, XRP dipped into a support area between $2.52 and $2.68. While the market didn’t immediately breakout upwards, this range remains crucial for determining the next move. As long as the price stays above this support zone, it suggests the market is respecting the current parameters, and a rebound could occur.
Key Price Levels to Watch
To confirm that the low has been established and wave two is complete, XRP needs to hold its current low (around $2.65). If this level holds, XRP can expect the market to potentially rally towards the $4.20–$5 range. It’s important to note that wave two is a corrective pullback, and experts anticipate a trend continuation after this phase.
Critical Breakout Levels
For a strong confirmation that the upward trend is resuming, XRP needs to break key resistance levels. The first hurdle is a break above $3.21, followed by a move above $3.40. Until these levels are surpassed, the market remains in a range, and a retest of the support zone between $2.76 and $2.97 is still possible. If XRP breaks below $2.76, it could see a larger corrective structure unfold, possibly pushing the price toward $2.52 again.