Despite the pressure on Bitcoin, XRP‘s price has initiated a new uptrend surpassing the $2.50 mark. The current trend remains optimistic, targeting a potential breakthrough over the $2.550 resistance level.
- XRP price gained over 10% and rallied above the $2.50 zone.
- The price is now trading above $2.450 and the 100-hourly Simple Moving Average.
- There is a short-term bullish flag forming with resistance at $2.550 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 $2.40 support.
XRP Price Remains In Uptrend Above $2.40
The cost of XRP successfully surged past the resistance at $2.42 and $2.45, leading to an approximately 10% increase in its value. This growth outpaced both Bitcoin and Ethereum. Additionally, the price climbed above the levels of $2.50 and $2.550.
The cost reached a peak of $2.5979 and is now holding steady after modest declines, having briefly dipped below the $2.55 mark. This dip also fell beneath the 23.6% Fibonacci retracement line, which represents the downward correction from the $2.246 low to the $2.597 high.
Currently, the XRP/USD pair’s price has surpassed $2.450 and risen above its 100-hour Moving Average. As it continues to climb, potential resistance may arise near the $2.550 mark. Additionally, a temporary bullish pattern known as a ‘flag’ is forming on the hourly chart, with resistance at the same $2.550 level.
Initially, a significant barrier lies around the $2.60 mark. Following this, we may encounter resistance at $2.65. If the price manages to surpass the $2.65 barrier, it could potentially push towards the next resistance level at $2.735. Further advancements might lead to the $2.80 resistance or even $2.8250 in the short term. The biggest challenge for further bullish momentum could be at $2.950.
Downside Correction?
If XRP doesn’t manage to surpass the $2.550 barrier, it might trigger another drop. The first significant support is anticipated around $2.4850. Below that, the next substantial support lies at approximately $2.420 and also coincides with the 50% Fibonacci retracement level of the upward trend from its low at $2.246 to its high at $2.597.
If the price falls significantly and drops below the $2.420 mark, it could potentially fall further towards the $2.350 level of support. A significant level of support can be found around the $2.320 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 above the 50 level.
Major Support Levels – $2.4850 and $2.420.
Major Resistance Levels – $2.550 and $2.600.
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2025-01-13 07:16