The cost of XRP began a new upward trend surpassing the $2.50 mark. It’s picking up speed and may continue to climb, potentially breaking through the $2.880 resistance level.
- XRP price gained over 5% and rallied above the $2.550 zone.
- The price is now trading above $2.550 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.60 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 $2.60 support.
XRP Price Turns Green Above $2.50
The value of XRP successfully surged past the hurdles at $2.42 and $2.45, leading to an approximately 5% increase that outshone both Bitcoin and Ethereum. Notably, it also rose above the $2.50 mark twice.
Initially, the bulls managed to push the price beyond the $2.75 barrier for a new growth spurt. It peaked at $2.875 and is now holding its ground above the 23.6% Fibonacci retracement level, which marks a pause in the upward trend from the $2.332 low to the $2.875 high.
Currently, the price of XRP/USD is hovering above $2.550 and slightly above its 100-hour moving average. Additionally, a potential bullish trend line is emerging, offering support at around $2.60 on the hourly chart.
Positively, there could be a halt in price increase around the $2.8750 mark. The first significant barrier to further growth lies at approximately $2.92. Following this, resistance may be found at $3.00. A decisive break above $3.00 could potentially propel the price towards the $3.120 resistance level. Further advancements might push the price towards the $3.200 or even $3.25 resistance in the short term. The next significant challenge for the bulls might be at $3.320.
Downside Correction?
If XRP doesn’t manage to break through the resistance at approximately $2.8750, it might trigger another drop. The first potential support lies around $2.750. A more substantial support is anticipated near $2.600, which coincides with a trend line and also approaches the 50% Fibonacci retracement level of the upward journey from the $2.332 low to the $2.875 high.
If a drop occurs and the price falls below $2.60, it could potentially lead to further price decreases, heading towards the $2.550 support level. A significant support can be found in the vicinity of the $2.50 region.
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 above the 50 level.
Major Support Levels – $2.750 and $2.60.
Major Resistance Levels – $2.875 and $3.000.
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2025-01-15 07:16