XRP Price Surge: Will It Break Through $3.20 Resistance?

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The cost of XRP began a new ascent surpassing the $3.050 mark. It’s maintaining its upward momentum and could potentially keep climbing if it overcomes the $3.20 resistance level.

  • XRP price gained over 15% and rallied toward the $3.40 zone.
  • The price is now trading below $3.250 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $3.20 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 $2.880 support.

XRP Price Dips To Support

The cost of XRP successfully surged past the barriers at $2.750 and $2.880, reaching new heights. Notably, it outpaced both Bitcoin and Ethereum in this upward trend. Moreover, there was a significant rise that took it above the levels of $3.050 and $3.20.

Initially, the price dipped towards the $3.40 region and then adjusted some of its gains. A new low was established at $2.81, but now the price is rebounding. There was a surge that broke the $3.050 mark. Furthermore, the price has surpassed the 50% Fibonacci retracement level during the downfall from the peak of $3.23 to the trough of $2.81.

Currently, the price of the XRP/USD pair is dipping below $3.20 and is below its 100-hour moving average. Additionally, a bearish trend line appears to be forming, with potential resistance at $3.20 on the hour chart.

On a positive note, the cost could encounter hurdles around $3.130, which is either the potential resistance level or the 76.4% Fibonacci retracement point of the downward slide from the peak at $3.23 to the low at $2.81. The first notable resistance lies near $3.20, while the next one is at $3.230.

As an analyst, I foresee a potential surge above the current resistance at $3.230 which could propel the price towards the immediate resistance levels of $3.320 and possibly even $3.40 or $3.420 in the short term. However, it’s important to note that a significant obstacle for further bullish momentum might be found at $3.50, which is also where a new all-time high could potentially be reached.

Another Downside Correction?

Should XRP struggle to surpass the $3.20 barrier, a potential drop may ensue. A initial cushion might be found around the $3.00 mark. The following significant support could be around the $2.88 region.

If a drop occurs below $2.88 and the closing price is lower, there’s potential for further price reduction towards the $2.750 support level. A significant support can be found in the vicinity of $2.650 area.

Technical Indicators

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

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

Major Support Levels – $3.00 and $2.880.

Major Resistance Levels – $3.130 and $3.20.

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2025-01-20 07:34