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Ripple’s XRP has currently drifted into the green zone and the price is now eyeing to break the $3.20 level. As long as XRP holds above the $3levels, the current bullish scenario remains plausible, with the expectation of moving towards the upside. While the primary scenario is bullish, there is a possibility that the market could still be in a corrective phase.
In the short term, XRP has shown a strong reaction to support and is currently in a pullback phase. After a 20% move up from a support area, the price has encountered a minor pullback. It is important to monitor the micro-level support and the potential for the price to continue its upward trajectory.
Micro Support Levels:
$2.76 – $2.97: These are the immediate support levels for the current pullback. XRP should ideally not break below $2.76 in the short term to maintain the bullish outlook. If the price holds within this range and forms a higher low, it will signal a continuation of the bullish trend.
Upside Price Targets: Breakout and Bullish Continuation
Should the pullback hold and the price find support above the $2.76 level, the price could see a potential breakout to the upside. The following price targets are critical for confirming the continuation of the bullish trend:
Resistance and Target Levels:
$3.40: A breakout above this level would be a key signal for further upside movement. This level has already proven to be a significant resistance point in recent price action.
$3.42: This level represents the 138% retracement of the previous wave and acts as a crucial resistance point.
$4.20: The next Fibonacci resistance level above $3.40. A successful breakout above $3.40 would likely bring XRP to test this level.
$5.00: The ultimate upside target for XRP, based on larger Fibonacci extensions. If the bullish momentum continues, $5.00 could be the next major target to the upside.