On January 11th, XRP (XRP) saw a bullish surge in its daily chart, reaching a peak of $2.60. Following this, the price dipped to $2.33 on the 13th of January but quickly bounced back and maintained a position above $2.45 within the same trading day.
At the moment, XRP ranks as the third most significant digital currency or stablecoin, boasting a total market value of approximately $141 billion.
XRP/BTC eyes bullish close above 4-year-old resistance
During the 2021 cryptocurrency rally, XRP trailed behind Bitcoin. However, by 2024-2025, XRP has solidified its position. Last week’s weekly close at over $2.50 was XRP/BTC’s highest weekly closing candle since October 2022, as shown in the chart.
If XRP consistently outperforms Bitcoin, it could break through a long-standing resistance level that was set in May 2021 after four years. This barrier has been challenged on three occasions, most recently in November 2024.
In summary, the trend of XRP’s price relative to Bitcoin suggests that the market is closely following the altcoin’s progress as it approaches its previous high of $3.40, which it reached back in 2018.
With regard to a new ATH, CRYPTOWZRD, a crypto trader, said,
“XRP has flipped previous resistance to support, it is now ready to rally to $4.00 and then $8.00 in the higher time frame.”
The trader shared his investment theory, using a pattern found in the market (fractal) on the altcoin’s weekly graph as an example. This pattern mirrors the bullish trend that XRP experienced in 2017, and it seems to be unfolding similarly today.
As a fellow crypto enthusiast, I’ve been closely watching XRP and I too have set my sights on a potential target price of $4.32. This technical analyst and investor believes that the recent daily price action has effectively negated a ‘death cross’, which is typically a bearish signal, but in this case, it was replaced by a ‘golden cross’. This shift from bearish to bullish trend only serves to bolster XRP’s argument for a bull run.
XRP undergoes bullish breakout from pennant
On January 11th, the price of XRP exceeded its immediate barrier at $2.50, leading to a strong upward surge that signified a bullish escape from its triangle/pennant formation. This structure, formed over a span of 42 days or approximately seven weeks, has a predicted technical breakout point of around $3.50. This target is roughly half the distance from the initial breakpoint at $2.35.
Instead of remaining below, the altcoin needs to finish the daily trade above crucial resistance levels ranging from $2.60 to $2.48, effectively turning these levels into support. At present, the Relative Strength Index (RSI) is holding steady above 50, suggesting that the bullish momentum for the altcoin remains strong on the long-term chart.
As a crypto investor, if XRP manages to close the day above $2.60, it could propel a speedy surge towards $2.72 and then $2.90. This rapid movement is largely due to the substantial sell-side liquidity lurking at these levels.
This piece is meant to provide a broad understanding and shouldn’t be interpreted as legal or financial guidance. The perspectives, ideas, and opinions within this article belong solely to the author and may not align with those held by CryptoMoon.
Read More
- RLC PREDICTION. RLC cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- CAKE PREDICTION. CAKE cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- TRAC PREDICTION. TRAC cryptocurrency
- POL PREDICTION. POL cryptocurrency
- OM PREDICTION. OM cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
2025-01-14 04:15