XRP aims for $3.50 after correcting downtrend

After hitting a six-year high of $2.9 on December 3, XRP has been consolidating. The cryptocurrency has failed to rise, and latest research suggests a sinking channel. The daily chart of XRP shows a corrective slump in a descending channel, according to TradingView. With price goals around its all-time high, XRP is poised to recover.

Key Support Levels and Corrective Downtrend
TradingView shows XRP in a corrective slump since December 3. The coin hit $2.9 on Binance but was rejected and fell to $2.25 before finishing at $2.5. XRP then produced two more daily negative candles, signaling a bearish trend.

The token briefly rebounded but was rejected again. The alternating upward and downward movements created lower highs and lows, typical of a falling channel.

The falling channel represents a price corrective, not a negative trend. The TradingView analysis finds early support around $1.8890 and $1.6, which match the 0.618 and 0.786 Fibonacci retracement levels from the $2.9 high.

If downward pressure continues, the cryptocurrency may stabilize at these levels. A successful defense of these supports might spark a bullish reversal, launching XRP's next upward run. Failure to maintain these levels might boost negative pressure on XRP and bring it down to the main support at $1.5.

XRP Price Rebound And Targets

XRP is projected to confront resistance at $2.8 if it recovers from support zones, signaling the start of its upward trip. A break over $2.8 would launch a run to $3.3450.

XRP is down 0.9% and 2% in the previous 24 hours and 7 days, respectively, at $2.41. Reaching $3.345 is a 39% price increase. This would bring XRP close to its all-time high of $3.4. Bullish momentum needed to achieve $3.345 might send XRP into n

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