Ah, the tale of XRP! It began its gallant ascent, soaring above the $2.850 threshold, only to find itself in a gentle correction, like a weary traveler resting above the $3.00 mark.
- But lo! The price has stumbled, retreating from the lofty heights of $3.220.
- Yet, it clings to the $3.00 level, dancing above the 100-hourly Simple Moving Average like a hopeful bard.
- Alas, a break has occurred beneath the bullish trend line, with support at $3.150, as if fate itself conspired against our hero (data from the wise sages at Kraken).
- Fear not, for should it conquer the $3.150 resistance, a fresh surge may yet be upon us!
XRP Price Regains Momentum
From the depths of $2.650, XRP has risen, outshining even the mighty Bitcoin and Ethereum! It has gallantly breached the $2.85 and $3.00 barriers, even reaching heights above $3.050.
But, as is the way of the world, a peak was reached at $3.214, only to be followed by a modest retreat. The price dipped below the sacred $3.15, crossing the 23.6% Fib retracement level like a ship lost at sea.
Yet, it remains above $3.00, clinging to the 100-hourly Simple Moving Average, as if it were a lifebuoy in turbulent waters.
Onward and upward! But beware, for resistance lurks near the $3.085 level. The first major obstacle is at $3.150, with the next at $3.20. Should it triumph over $3.20, the path to $3.220 may open, leading to even greater heights of $3.250 or $3.350. The bulls, however, must prepare for the daunting challenge of $3.450!
Another Decline?
But what if our brave XRP falters? If it cannot breach the $3.0850 resistance, a decline may loom. The first line of defense is at $3.00, with the next major support lurking at $2.9350, the 50% Fib retracement level from its earlier ascent.
Should it fall below $2.9350, the descent may continue toward the $2.880 support, with the next refuge at $2.750.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is losing its bullish vigor.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD now languishes below the 50 mark.
Major Support Levels – $3.00 and $2.9350.
Major Resistance Levels – $3.0850 and $3.150.
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2025-01-29 07:18