- XRP’s price is supported by MA50 at $2.34 and MA200 at $2.22, suggesting bullish momentum with potential for higher moves.
- Resistance at $2.50 is critical; a breakout could target $3.7-$4.2, with ascending triangle patterns supporting further gains.
- Analyst projects XRP may surge to $8-$13 if bullish pennant forms, suggesting profit taking strategies in the $8-$13 range.
At press time on January 4, 2025, XRP was trading at $2.45, a 1.05% increase in the past 24 hours and a 13.16% rise in the past week.
According to analyst Egrag Crypto, the broader price movement indicates an upside potential, with an ascending triangle pattern forming key resistance and support levels.
Resistance Levels and Price Action
XRP’s price resistance is at $2.46. A recent rally brought the price to this level, but upward momentum has temporarily steadied. The last 4 hour candlestick shows a slight dip of 0.78%, suggesting consolidation after the recent gains.
The price remains above the MA50 at $2.34 and the MA200 at $2.22, which suggest a strong bullish trend. The “Golden Cross” in mid-November, where the MA50 crossed above the MA200, initiated the bullish momentum.
This was followed by a rally peaking in at the early of December 2024. Subsequent consolidation saw support near $2.34 before the current recovery. The market is up for further moves, dependent on breaking key resistance at $2.50.
Indicators and Momentum
The RSI is at 63.86, below its recent high of 67.82. This suggests overbought levels but remains in bullish momentum, indicating potential for further upward movement. The MACD line at 0.0767 is above the signal line at 0.0734, showing an ongoing uptrend.
However, diminishing histogram bars suggest weakening bullish momentum, which could challenge sustained growth without renewed buying pressure. The price position above both the MA50 and MA200 emphasizes its bullish market momentum.
Resistance at $2.50 and the recent peak at $2.87 remain crucial levels to monitor. A breakout above these could fuel XRP towards higher targets, while failure to sustain $2.34 support may lead to a retest of $2.22.
Long Term Projections
According to Egrag Crypto, XRP’s ascending triangle pattern could influence future price movements on a longer term. A breakout from this pattern may target $3.7 to $4.2, with a potential surge of 10-15%.
The probability of an upward breakout ranges between 60-70%, with a downward breakout at 30-40%. If the measured move of $3.7-$4.2 is achieved, it could validate a bullish pennant formation. This opens the possibility of XRP reaching $8-$13, with strategic profit taking recommended within this range.
The ultimate target for the bullish pennant is $13, with potential variations extending to $14-$15. XRP’s price pattern movements suggest monitoring of resistance and support levels to predict potential outcomes is essential.
