XRP‘s price is holding steady at levels above the $2.350 mark, acting as a strong support. It appears to be moving in a favorable direction, potentially targeting another rise surpassing $2.4650.
- XRP price is struggling to gain pace for a move above the $2.50 zone.
- The price is now trading below $2.435 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with support at $2.385 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 $2.320 support.
XRP Price Holds Support
The cost of XRP stayed over the $2.320 mark yet didn’t manage to initiate an upward trend similar to Bitcoin and Ether. Despite attempts, it couldn’t surpass the resistance at $2.50 and stayed under $2.45.
Previously, the lowest point where a swing occurred was at $2.32, and since then, the price has been stabilizing. There was an upward movement that surpassed the $2.40 mark. Moreover, the price has moved beyond the 50% Fibonacci retracement level of the recent downward trend from the $2.507 peak to the $2.32 trough.
As a researcher, I’m observing that the current trading price for the XRP/USD pair hovers below the 100-hour Simple Moving Average, which is now situated at approximately $2.435. Additionally, there appears to be a short-term ascending channel emerging on the hourly chart, with a potential support level at around $2.385.
Positively, the price could encounter a barrier around the $2.465 mark or the 76.4% short-term ascending channel’s resistance at $2.385 on the hourly XRP/USD chart. The initial significant resistance lies at $2.50, followed by another potential resistance at $2.55.
Advancing beyond the $2.55 barrier could potentially push the price up to around $2.650, and further gains may lead it to $2.720 or even $2.750 in the short term. The significant challenge for buyers in the near future could be at $2.880.
Another Decline?
Should XRP struggle to surpass the $2.435 barrier, there’s a possibility of another price drop. A potential cushion could be found around the $2.380 mark in case of a fall. The next significant support might lie at approximately $2.320 level.
If the price falls significantly and drops below the $2.320 mark, it could potentially keep falling towards the $2.20 level, which has been a reliable support so far. A significant support lies in the vicinity of the $2.120 region.
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 below the 50 level.
Major Support Levels – $2.380 and $2.320.
Major Resistance Levels – $2.4650 and $2.500.
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2025-01-07 06:58