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XRP has broken into new yearly high territory but has since pulled back slightly. We’re currently testing previous highs, with the market hovering around the 2017-2018 highs at around $3.28. Although the price hasn’t sustained the breakout, the trend is still positive, with Bitcoin pushing higher.
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 especially important as it is part of a larger pattern and tends to hold more significance in this scenario. The $4.20 level, while still relevant, may not be as strong. If XRP continues its upward trajectory, it could see these targets being tested in the near future.
Short-Term Price Action:
In terms of short-term movement, the overall uptrend 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, which indicates that the bullish structure is intact. During this consolidation phase, several triangle breakouts have been observed, and these often result in rapid price movement when the breakout happens. It’s important to know that these moves are not parabolic yet, but the trend is clearly leaning toward the upside.
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 yet. If XRP breaks below the $2.52 level or the $2.30 level (the January 13th low), it could signal a reversal in the trend.
The trend is still bullish, but a break below $2.52 could indicate a warning. The focus remains on higher prices, with pullbacks potentially offering buying opportunities.
