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After rebounding from key support level, XRP achieved double-digit rise: what's next?
The cryptocurrency market today showed signs of recovery, rebounding from the adjustment phase that began last month. Bitcoin (BTC) recently fell to a low of $92,000 on December 31st, and has now recovered to over $95,000.
During this market correction, XRP experienced a notable Rebound in November, followed by a pullback. Its monthly rise has narrowed to 13%, reflecting the consolidation of the overall market.
However, XRP once again gained momentum with a strong Rebound, recording a double-digit Rebound of over 10%, with the current trading price at $2.37.
From the key support level Rebound:
The recent decline of XRP is mainly due to the rejection at the resistance level of $2.90 (the upper boundary of the symmetrical triangle pattern), as shown in the figure. This rejection has led to a pullback, testing the support level of the lower triangle of the triangle multiple times.
Today, XRP rebounded strongly from the support level of $2.00, pushing its price up to the current $2.38. It is now approaching the upper resistance level of the triangle near $2.49.