TLDR
XRP has surged above $2.50, showing strong momentum with a peak at $2.72
Technical analysts predict potential rise to $3.00-3.85 range based on current patterns
Ripple’s new RLUSD stablecoin launch has added positive market sentiment
Short-term support levels established at $2.42 and $2.52 on 4-hour chart
CoinCodex predicts potential 20.39% drop to $2.05 by January 17, contrasting with bullish sentiment
XRP’s price movement has captured market attention as the digital asset continues its upward trajectory, breaking through the $2.70 barrier in recent trading sessions. The cryptocurrency has demonstrated steady growth, establishing new support levels while maintaining bullish momentum.
In the latest market developments, XRP achieved a notable high of $2.7267, marking a clear break above previously established resistance zones. The price action shows particular strength above the $2.50 mark, which now serves as a psychological support level for traders.
Technical analysis reveals a forming bullish trend line with support at $2.53 on the hourly chart. This pattern emerged after XRP successfully broke through multiple resistance levels, including the $2.55 and $2.62 zones, indicating sustained buying pressure in the market.
The current price structure suggests XRP is trading comfortably above both the $2.50 threshold and the 100-hourly Simple Moving Average, technical indicators that many traders use to gauge market health. This positioning provides a strong foundation for potential future price appreciation.
Market data from Kraken shows that recent trading volumes have supported the price increase, with buyers maintaining control during key trading sessions. The upward move has been particularly notable as XRP has outperformed major cryptocurrencies like Bitcoin and Ethereum during this period.
XRP Price on CoinGecko
The asset’s price action has drawn attention from various market analysts, including Dark Defender, who correctly predicted the recent move to $2.72 days before it materialized. This accurate forecast has lent credibility to subsequent predictions suggesting potential moves toward the $3 level.
Trading patterns indicate the formation of higher lows on the daily chart, a technical pattern that often precedes continued upward movement. The market structure shows multiple support levels have been established, with $2.42 and $2.52 serving as key areas of interest on the 4-hour timeframe.
Recent developments in the Ripple ecosystem, particularly the launch of the RLUSD stablecoin, have contributed to positive market sentiment. The stablecoin has attracted trading volume since its introduction, potentially creating additional demand for XRP within the ecosystem.
Short-term price action suggests the possibility of a retest of lower support levels, with $2.42 identified as a crucial zone. Traders are watching this level closely, as it could serve as a springboard for future moves toward the $2.92 mark.
Hi all. We have a clear break on the daily chart!
XRP has followed our path for a long time. The latest example is the post we discussed 2 days back on 15 December, where we targeted $2.72, and today, XRP bounced back from $2.72
The confirmation is in place for $2.42 and… pic.twitter.com/WjBPyoXMfI
— Dark Defender (@DefendDark) December 17, 2024
The hourly Relative Strength Index (RSI) remains above the 50 level, indicating sustained bullish momentum in the near term. This technical indicator aligns with other metrics suggesting continued strength in the current market structure.
Resistance levels have been identified at $2.62 and $2.72, with the latter proving to be a recent point of price rejection. Market participants are monitoring these levels for potential breakout opportunities.
The MACD indicator on the hourly timeframe shows increasing momentum in the bullish zone, supporting the case for continued upward movement. This technical signal adds weight to the broader bullish narrative surrounding XRP’s price action.
CoinCodex presents a contrasting view, projecting a potential decline to $2.05 by January 17, 2025. This forecast stands against the current market sentiment, which remains predominantly bullish according to various technical indicators.
Market data indicates XRP has recorded 18 green days out of the last 30, with a price volatility of 27.23%. This statistic provides context for the recent price action and helps traders understand the asset’s movement patterns.
The Fear & Greed Index currently reads 87, indicating extreme greed in the market. This metric suggests traders should exercise caution despite the overall bullish trend.
The post XRP (XRP) Price Analysis: Shows Strong Support at $2.42 Range appeared first on Blockonomi.
