Despite the pressure on Bitcoin, XRP‘s price has initiated an upward movement surpassing the $2.450 mark. It continues to exhibit optimistic indicators and might overcome the resistance at $2.550.
- XRP price gained over 4% and rallied above the $2.450 zone.
- The price is now trading above $2.4650 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2.50 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 $2.420 support.
XRP Price Eyes More Gains $2.50
The cost of XRP successfully surged past the resistance at $2.40 and $2.42, leading to an approximately 4% growth. This surge outperformed both Bitcoin and Ethereum in its upward trajectory. Additionally, the price advanced beyond the levels of $2.45 and $2.480.
The cost surpassed the 50% Fibonacci retracement point, which marks a pullback from the peak of $2.597 to the low of $2.332, and it also broke through an ascending bearish trend line offering resistance at $2.50 on the hourly XRP/USD chart.
Currently, the trading price surpasses $2.4650 and lies above its 100-hour moving average. As we look ahead, potential resistance could form around $2.550 or at the 76.4% Fibonacci retracement level of the fall from the peak of $2.597 to the low of $2.332.
Initially, a significant barrier can be found around the $2.60 mark. Following this, the next potential obstacle is at $2.620. If the price manages to break through the $2.620 barrier, it could potentially push towards the resistance at $2.650. Further increases might lead to the $2.720 resistance or even $2.7350 in the short term. The main challenge for further bullish momentum could be at $2.80.
Downside Correction?
Should XRP not surpass the $2.60 resistance barrier, a potential drop may occur again. A preliminary floor might be found at approximately $2.480. Below that, significant support can be expected around $2.420.
Should a drop occur and the closing price falls beneath the $2.420 mark, it could potentially lead to further decreases towards the $2.350 area of potential support. A significant level of support can be found nearby at approximately $2.320.
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 above the 50 level.
Major Support Levels – $2.480 and $2.420.
Major Resistance Levels – $2.550 and $2.600.
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2025-01-14 07:16