XRP Price Stays Steady: Will Consolidation End Soon?

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Despite Bitcoin‘s pressure, XRP‘s price is steadily maintaining positions above $2.20. It seems to be gathering strength, with ambitions to break through the $2.320 resistance and potentially surge higher.

  • XRP price is still in a range mode above the $2.25 zone.
  • The price is now trading below $2.350 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $2.3250 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might start a fresh increase if it stays above the $2.20 support.

XRP Price Consolidates Below $2.40

The price of XRP didn’t manage to break through the barriers at $2.40 and $2.42, instead, it dropped in response to downward pressure. Compared to Bitcoin and Ethereum, the decline was less severe. However, the support levels at $2.30 and $2.2650 were breached, indicating a potential further drop.

Previously, the price bottomed out at $2.235 and is currently holding steady in a consolidation phase. There was an upward surge that crossed over the $2.25 mark. Furthermore, the price has surpassed the 23.6% Fibonacci retracement level from the price drop between the high of $2.390 to the low of $2.235.

Currently, the price is dipping below the $2.350 mark and under the 100-hour moving average. As it moves upward, potential obstacles may appear around the $2.320 level. Additionally, a significant downward trend line is emerging on the hourly XRP/USD chart with resistance at approximately $2.3250.

Approaching the $2.35 mark or the point that represents approximately 76.4% of the pullback from the peak at $2.390 to the trough at $2.235, we’ll likely encounter significant obstacles in our progress.

As an analyst, I’m projecting the next significant resistance level to be at $2.40. If we manage to surpass this resistance, it could propel the price further upwards, potentially reaching the $2.45 resistance. Should the price continue to climb, it might aim for the $2.50 resistance or even stretch as high as $2.550 in the immediate future. The next major challenge for the bulls could be at $2.650.

Another Decline?

If XRP doesn’t manage to surpass the $2.350 barrier, it might trigger another drop. Should that happen, initial support could be found around $2.250. A more substantial floor may be found closer to $2.220.

As an analyst, if the price breaks downward and falls beneath the $2.220 mark, there’s a possibility it could continue to dip towards the $2.20 level, acting as potential support. Notably, should the price reach this level, another significant support can be found in the vicinity of the $2.120 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.25 and $2.220.

Major Resistance Levels – $2.320 and $2.350.

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2025-01-10 07:34