1) In line with the broader cryptocurrency market’s decline, XRP (XRP) has experienced a significant drop; however, it has retained most of its impressive 300% gains that it accrued towards the end of 2024. Notably, XRP has steered clear of a more severe correction from January 7 to January 9, as it maintains a position near its falling trendline, hinting at a possible breakout surpassing the crucial resistance range lying between $2.50 and $2.60.
XRP price sits in a key decision-making zone
Over the last 24 hours, major cryptocurrencies such as Bitcoin, Ether, and Solana have been retracing back to their previous lows. However, Ripple (XRP) has been putting up a fight to maintain its position above $2.30. This level is significant for XRP because it’s the level of control (POC) since it surpassed $2 on Dec 1. Being above POC suggests that the bullish sentiment continues to dominate the price movement in general.
Valeriya, who deals with cryptocurrencies and foreign exchange, stated that the price of XRP is at a significant juncture right now. She noted that if the altcoin fails to move upwards or bounces back from the $2.15 to $2.20 range, it could suggest the “strategies of major market players.” Furthermore, she mentioned that this potential rejection might reveal some insights into the larger market players’ intentions.
“If the support zone resists, aggressive growth is expected with the nearest target of $2.91, where the liquidity of sellers is concentrated.”
Furthermore, Valeriya pointed out that it’s important for traders to keep a close eye on the fluctuations of XRP since “the asset seems poised for a significant surge.
Similarly, Daan Crypto, a cryptocurrency analyst, stated that the pairing of XRP could be excellent for trading due to its past tendency to adhere to significant technical levels. The trader emphasized the emergence of a triangle or pennant pattern on XRP’s 4-hour chart, indicating that such patterns often tend to break in an upward direction during bull market periods.
XRP crowd sentiment hints at optimism
In addition to a beneficial market setup, the XRP ecosystem has experienced several encouraging developments that might attract speculators. Ripple’s president hinted at a potential approval for an XRP spot ETF coming up “very soon.” Furthermore, Ripple CEO Brad Garlinghouse recently posted an image with President-elect Donald Trump, which sparked speculation of an XRP price surge following Trump’s inauguration on January 20.
The favorable opinions towards XRP have grown due to several factors, according to Santiment’s data, which shows an increase in the positive sentiment rating. It’s worth mentioning that the index peaked significantly during late November 2024, but it is currently on an upward trend once more.
Over the last few weeks, XRP has moved closer to its trendlines from a technical standpoint, with its value staying above the 200-day Exponential Moving Average (EMA). If it manages to burst through the falling trendline, this cryptocurrency could make an effort to surpass resistance levels at approximately $2.42 and $2.50. This potential breakthrough might spark a surge that pushes XRP’s price to a new record high beyond $2.90.
However, a confirmed daily breakout above resistance levels is $2.50, and $2.60 remains critical.
In essence, this piece is meant to provide a broad understanding and isn’t designed to serve as legal or financial guidance. It’s essential to remember that the perspectives, insights, and opinions expressed within are solely those of the author, and they may not align with or represent the views and opinions of CryptoMoon.
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2025-01-10 01:39