XRP Soars: Is a New All-Time High Just Around the Corner?

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Initially, the value of XRP began a new climb surpassing the $3.00 threshold. Currently, the price has increased by more than 15%, with potential for further growth if it manages to break through the $3.40 barrier as resistance.

  • XRP price gained over 15% and rallied above the $3.00 zone.
  • The price is now trading above $3.050 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $3.150 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 $3.00 support.

XRP Price Settles Above $3.00

The cost of XRP surged past the barriers of $2.650 and $2.80, propelling an impressive 15% growth that outshone both Bitcoin and Ethereum. This surge saw it climb above the $3.00 and $3.050 mark as well.

As a researcher, I’ve observed an intriguing trend in the market. The bulls have managed to push the price beyond the $3.20 resistance, initiating a potential new surge. It peaked at $3.399 and is now in a phase of consolidation, holding steady above the 23.6% Fibonacci retracement level, which marks a significant support point following our upward journey from the $2.332 swing low to the $3.40 high.

Currently, the price of XRP/USD pair is trading above $3.20 and is aligning with its 100-hour Simple Moving Average. Additionally, a bullish trend line is developing, providing support at approximately $3.150 on the hourly chart.

Positively, there could be a halt in price increase around the $3.350 mark. The initial significant obstacle for further advancement lies at approximately $3.40. Following this, the resistance level is around $3.420. Overcoming this barrier might propel the price toward the $3.50 resistance. Further progress could potentially push the price towards the $3.650 or even $3.80 resistance levels in the near future. The next major challenge for the bulls could be reaching the $4.00 mark, which would set a new all-time high.

Downside Correction?

Should XRP be unable to surpass the $3.40 barrier, there’s a possibility of another drop. A potential floor in this scenario might be around $3.250. Below that, significant support could be found at approximately $3.20, along with the trend line.

If a drop occurs beyond the $3.20 mark and the price falls below this point, it could potentially lead to further descent, targeting the $2.8850 support or the 50% Fibonacci retracement level of the upward trend that started at the $2.332 low and peaked at $3.40. The next substantial support can be found in the vicinity of the $2.750 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 – $3.20 and $3.050.

Major Resistance Levels – $3.40 and $3.50.

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2025-01-17 07:16