XRP News Today: XRP surges 10% to $3.6607 then retreats to $3.4784 as traders take profits

XRP, the cryptocurrency associated with Ripple, recently experienced a significant price movement, causing short-term traders to exercise caution. The price of XRP reached a 24-hour high of $3.6607, reflecting a substantial gain of over 10%. However, this upward trend was brief, as the price began to retreat, eventually settling at $3.4784. This pullback indicates that investors are taking profits from the rally.

On the one-hour chart, XRP's trend has shown signs of weakening. A minor downtrend emerged after the price faced rejection near the $3.664 mark. Despite this setback, support levels have remained strong at $3.34, successfully withstanding two tests. This resilience suggests that while there may be short-term volatility, the underlying support for XRP is robust.

The rejection at $3.664 and the subsequent pullback have raised concerns among traders about the short-term outlook for XRP. The price movement indicates that while there is potential for further gains, investors are exercising caution. The temporary profit-taking and the minor downtrend suggest that traders are closely monitoring the market for any signs of a sustained uptrend or further corrections.

The firm support at $3.34 provides a safety net for XRP, preventing a more significant decline. This level has been tested twice and has held, indicating that there is still demand for XRP at this price point. However, the rejection at $3.664 highlights the resistance that XRP is facing, which could limit its upward potential in the near term.

In summary, the recent price action of XRP has sparked short-term caution among traders. The rejection at $3.664 and the subsequent pullback to $3.4784 indicate that investors are taking profits and assessing the market's direction. While support at $3.34 remains strong, the minor downtrend and resistance at $3.664 suggest that XRP may face challenges in the short term. Traders will need to closely monitor these levels to gauge the future price movements of XRP.