It is with great dismay that we observe the price of XRP, which has taken a rather sharp decline, testing the support zone of $2.650. However, let us not despair, for it now appears to be correcting its losses and showing signs of life above the $3.00 mark.
- Alas, XRP has embarked upon a fresh descent below the $3.00 threshold.
- Currently, it finds itself trading beneath the $3.120 level, much to the chagrin of its admirers.
- In a most dramatic turn, it has broken above a bearish trend line, with resistance at $2.950, as noted on the hourly chart of the XRP/USD pair (data courtesy of the ever-reliable Kraken).
- Yet, the pair may find itself in a most precarious position, struggling to overcome the formidable resistance levels of $3.10 and $3.12.
Oh, the Dips Before the Rebound!
Our dear XRP has found it quite the challenge to ascend above the $3.050 resistance, reacting instead with a most unfortunate downturn, akin to the fates of Bitcoin and Ethereum. It has dipped below both the $3.00 and $2.80 support levels, as if in a tragic novel.
Indeed, it even plummeted below the $2.720 support, forming a low at $2.6562, but fear not! It is now correcting its losses with a vigorous rise above the $2.80 and $2.85 levels. It has successfully cleared the 50% Fib retracement level from its previous high of $3.207 to the low of $2.6562.
With a break above the bearish trend line at $2.950, XRP now finds itself trading below $3.120 and the 100-hourly Simple Moving Average, which is rather unfortunate.
On the brighter side, should it manage to overcome the resistance near the $3.10 level, it may very well ascend to the 76.4% Fib retracement level from its previous high. The first major resistance awaits at $3.120, with the next at $3.150.
Should it triumph over the $3.150 resistance, we may witness a delightful surge towards $3.20, and perhaps even $3.250 or $3.350 in the near future. The next major hurdle for our bullish friends may be at $3.450.
Will There Be Another Decline?
Should XRP fail to breach the $3.10 resistance zone, we may be faced with yet another decline. The initial support on the downside is situated near the $3.00 level, with the next major support lurking at $2.950.
If a downside break occurs, closing below the $2.950 level, we might see a further descent towards the $2.880 support, with the next major support resting at the $2.750 zone.
As for our technical indicators:
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone, much to our delight.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD now stands proudly above the 50 level.
Major Support Levels – $3.00 and $2.950.
Major Resistance Levels – $3.100 and $3.120.
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2025-01-28 07:19