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XRP is currently in a tight spot. After an impressive rally that took its price close to previous highs, the token has now slipped below a key support level, raising questions about its short-term direction.
XRP is still holding onto a bullish structure. It continues to form higher highs and higher lows, which is generally a sign of strength. This means that despite the short-term pullback, XRP hasn’t yet confirmed the start of a bear market. In fact, as long as the price stays above critical support levels, the longer-term outlook remains intact.
Recent Price Action and Support Levels
In the short term, XRP has broken below the $3.40 mark, which had acted as a strong support level for over a week. So, where does XRP go from here? One scenario is a period of consolidation, where the price moves sideways within a range. Support is now sitting around $2.90 to $3.00, which has held up in previous corrections. On the upside, resistance is expected around $3.30 to $3.40, the same zone that recently flipped from support to resistance.
What Needs to Happen for XRP to Rally?
For a real bullish push, XRP would need to reclaim the $3.25 to $3.30 zone and hold above it. A sustained move above that level could open the door for a rally towards $4.60 to $4.70, where important resistance is expected based on historical Fibonacci levels.
On the other hand, if the price slips further, the next levels to watch would be $2.75 and $2.25, both seen as strong long-term support zones.
Hence, while XRP is still technically in a bull market, short-term signs point to a period of consolidation.