- XRP surged 12.2% to $3.11 after Ripple secured MTLs, with whales accumulating 120M XRP, indicating strong market confidence.
- Bollinger Bands & MACD show bullish potential; a breakout above $3.26 could drive XRP toward $3.40, with extreme targets at $3.80.
- Failure to hold $3.10 may lead to a pullback toward $2.85; analysts predict a breakout within 48 hours as XRP nears a key pattern apex.
Ripple’s XRP showed resilience on January 28, reversing earlier losses. This is after Ripple secured two money transmitter licenses (MTLs) in New York and Texas. According to Whale Alert, notable transactions such as 25 million XRP ($77.7 million) moving from Upbit to an unknown wallet reflected increased market activity.
Analyst Ali also noted that whales purchased 120 million XRP during the recent dip. This accumulation by whales suggests growing confidence in XRP’s long-term potential amidst Ripple’s expanding regulatory footprint.
XRP Price Movement and Market Trends
On January 28, XRP was trading at $3.11, a 12.20% gain over 24 hours. This recovery followed a dip to $2.81 on January 27.
The broader crypto market saw volatility due news of DeepSeek, a Chinese AI tool, surpassing ChatGPT in Apple’s App Store downloads. The surge led to concerns about U.S. tech valuations, causing significant losses in major tech stocks.
Ripple’s native token displayed strong momentum, with key levels on January 28 showing an open price of $3.08, a high of $3.15, and a low of $3.08. 49.24 million XRP tokens were traded during this period.
Indicators and Resistance Levels
On a 4-hour timeframe, XRP’s price has indicated a bullish potential. Bollinger Bands suggested a rebound from the lower band at $2.84, with the middle band at $3.05 acting as support. The upper band at $3.26 shows a possible resistance level. A breakout above $3.26 could indicate a continuation of the upward trend.
The MACD indicator showed improving momentum, with the histogram turning positive, a potential bullish crossover. Resistance levels are at $3.20, $3.27, and $3.40, while support zones were noted at $3.05, $2.85, and $2.60.
Predictions and Market Outlook
For January 29, a bullish scenario could see XRP breaking above $3.20 and testing $3.27 or $3.40. Extreme upward momentum might push the price to $3.60 or $3.80. However, failure to sustain above $3.10 might lead to retracements toward $3.05 or $2.85.
As per Steph is Crypto on a recent youtube video, XRP is nearing the apex of a triangle pattern, indicating a potential breakout within 48 hours. A break above $3.20, confirmed by a daily candle close, could lead to targets near $3.90.
However, a close below $3 might suggest a move toward $2.60. XRP’s recovery shows strong market activity, with whale transactions and technical patterns indicating a potential for increased price movements.