As the market correction temporarily halted this week, XRP recovered and posted a 15% gain in the past week. Showing signs of strength daily, the asset looks poised for a leg up but is currently facing a resistance line.
Last month’s correction seriously reduced XRP’s price, as it lost roughly 10% of its valuation in three weeks. This led to a small bearish phase, and the crypto ended the year 2024 on a weak note.
However, it started the new year on a recovery note and is now showing signs of strength on the daily chart. The asset is still facing small hurdles under $0.25, but we may see a breakup in the coming days.
The latest positive actions suggest a potential bullish move for XRP following a noticeable increase in the buying volume level since yesterday. Although the bullish signal is yet to be confirmed until the price breaks out of the previous monthly high.
A continuous rejection at the falling resistance line could subject the market to a brief consolidation phase before rallying hard. Otherwise, it may roll back to a nearby support before activating bullish at full speed.
That said, the overall market structure remains bullish on a macro level. The price must dip below the $0.4 level before we can start to consider a bearish move.
XRP’s Key Level To Watch
Source: Tradingview
Now that has reacted positively to the latest surge across the market, it is facing resistance at $0.25. Scaling through this resistance could bring a full recovery to $2.9 with a potential breakout to $3.3.
If the price plunges through $2.15 to the holding $1.9 support, the lower level to consider for a breakdown is $1.63, followed by $1.28.
Key Resistance Levels: $2.5, $2.9, $3.3
Key Support Levels: $1.9, $1.63, $1.28
- Spot Price: $2.38
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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