Despite the pressure on Bitcoin, the XRP price remains firm above $2.25, showing signs of consolidation and potential for a new surge past its resistance at $2.40.
- XRP price is showing a few positive signs above the $2.25 zone.
- The price is now trading below $2.3650 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming 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 $2.250 support.
XRP Price Consolidates Below $2.50
The cost of XRP didn’t manage to surge past the barriers at $2.40 and $2.45. Instead, it dipped in response to downward pressure, but the fall was less severe than that of Bitcoin and Ethereum. Notably, the price slipped beneath the support thresholds at $2.32 and $2.25.
Previously, the market bottomed out at approximately $2.202. Currently, it appears to be stabilizing or consolidating. We saw a rise surpassing the $2.25 mark. Additionally, the price has moved beyond the 50% Fibonacci retracement point of the downward trend from the $2.47 peak to the $2.202 trough.
Currently, the price is dipping below $2.3650 and falling just below the 100-hour moving average. If it rises, there could be a potential obstacle around $2.380. Additionally, a significant bearish trend line is emerging on the hourly chart of XRP/USD, with resistance at $2.380 as well.
Approximately at the $2.40 mark, we encounter a significant point of resistance. This is either where the price has pulled back 76.4% during its decline from the peak at $2.47 to its lowest point at $2.202, or simply put, this is a key level in the downward trend.
Moving forward, a break above $2.45 could potentially push the price up to the next resistance at $2.50. Further increases may take the price to the $2.650 or even $2.6650 resistance levels in the short term. The significant challenge for buyers could be at $2.720.
More Losses?
Should XRP struggle to surpass the $2.400 resistance area, a potential drop might ensue. A preliminary line of defense on the downside lies at approximately $2.320. Subsequently, significant support could be found around the $2.250 mark.
Should a drop occur and the price falls beneath the $2.250 mark, it could potentially lead to further decreases towards the $2.20 support level. A significant support level can be found in the vicinity of $2.120.
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 – $2.32 and $2.250.
Major Resistance Levels – $2.380 and $2.400.
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2025-01-09 07:16