The value of XRP is holding its advance over the $2.320 support level, indicating potential growth. It looks like it’s gearing up to potentially surge past $2.50.
- XRP price started a downside correction from the $2.50 zone.
- The price is now trading below $2.45 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2.380 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 value of XRP held steadfast above the $2.30 mark and continued to climb, mirroring Bitcoin and Ethereum‘s surge. It surged past the $2.45 barrier and peaked at $2.50, but then saw a temporary dip afterwards.
At a price of $2.32, a trough was established and since then, the price has been increasing. The market surpassed the $2.40 mark, which indicates a significant shift. It also exceeded the 23.6% Fibonacci retracement level from the upward swing between $2.507 to $2.32. Additionally, there was a break above an ascending bearish trendline with resistance at $2.380 on the hourly chart of XRP/USD pair, hinting at a potential bullish trend.
Currently, the price is dipping below $2.45 and lower than its 100-hour moving average. On potential upward movements, the price could encounter obstacles around $2.45 or the 61.8% Fibonacci retracement level of the recent fall from the peak of $2.507 to the trough of $2.32.
Approaching the $2.50 mark, we encounter a significant barrier. Following this, we find another potential obstacle at $2.55. Overcoming the $2.55 hurdle could potentially push the price towards the $2.680 resistance level.
As a crypto investor, I’m excited about the potential for further growth. It seems that the price could surge towards the next resistance levels at around $2.720 or possibly even push to $2.750 in the short term. However, it’s important to note that the bulls might face a significant challenge at $2.880, which could act as the next major hurdle.
Another Decline?
Should XRP struggle to surpass the $2.45 barrier, there’s a possibility of another drop. A potential floor could be found at around $2.370. If it continues to fall, significant support might appear close to $2.320.
Should a drop occur followed by a breakdown beneath $2.320 and a subsequent closing below this level, the price may potentially fall further towards the $2.20 support. A significant support level can be found around the $2.120 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 – $2.370 and $2.320.
Major Resistance Levels – $2.450 and $2.500.
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2025-01-06 09:58