XRP has pulled back in a strong uptrend, indicating profit booking by the bulls near $3.
The pullback is finding support in the range between the 38.2% Fibonacci retracement level of $2.28 and the 50% retracement level of $2.09. The bulls will try to push the price toward $2.91 but are likely to face solid selling by the bears.
If the price turns down and breaks below $2.09, it will suggest the start of a steep correction. The XRP/USDT pair could slump to the 20-day EMA ($1.79). A deep pullback could be followed by a period of consolidation as both the bulls and the bears regroup before the next trending move.
After marking the interim lows around $2.18, the price rebounded, preventing excess price drain but is yet to trigger a strong upswing.
As the volume remains largely still, the probability of a strong rise remains aloof.
Meanwhile, the recent rebound indicates there is more room for the bulls to thrive, indicating XRP could be gearing up for a 25% in the next fortnight followed by a 40% upswing in the first few weeks of 2025.