XRP (XRP) Price Holds Uptrend Support and Might Aim for Fresh Increase in the Near Term

In the last technical analysis, we saw a major increase in XRP above the $2.50 and $2.80 resistance levels. The price even surged above the $3.00 level

After a massive surge to $3.40, XRP price started a consolidation phase. The price is still in a bullish zone and might aim for more gains above $3.20.

XRP Price Analysis January 24

In the last technical analysis, we saw a major increase in XRP above the $2.50 and $2.80 resistance levels. The price even surged above the $3.00 level, outperforming Bitcoin and Ethereum. A high was formed at $3.40 and the price recently started a minor downside correction.

There was a drop below the $3.30 and $3.20 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.00 swing low to the $3.40 high.

XRP price is now consolidating gains above the $3.00 level and is well above the 50-day simple moving average (blue). The current price action is positive, and it seems like the bulls could aim for a fresh increase in the near term.

There is also a bullish pattern forming with resistance at $3.250 on the daily chart. Immediate resistance sits near the $3.20 level. The next key resistance sits near the $3.20 level and the triangle’s trend line.

A close above the $3.20 and $3.250 resistance levels could set the pace for a larger increase. In the stated case, the price could rally and test the $3.40 resistance. The next major resistance is near the $3.50 level.

A convincing move and close above the $3.50 resistance zone could send the price toward the $3.80 level. Any more gains might open the doors for a new all-time high or even $4.00.

Recently, Ripple shared details of ‘XRP Community Day 2025’ to celebrate the continued innovation, utility and growth across the digital asset XRP and the broader XRP Ledger (XRPL) ecosystem. It will be held on January 28, 2025.

Larger Pullback?

Conversely, XRP price might struggle to surge above the $3.20 resistance and continue to correct gains. Immediate support is near the $3.00 level and the triangle’s lower trend line.

A close below the triangle could spark bearish moves. The first major support is $2.70 and the 50% Fib retracement level of the upward move from the $2.00 swing low to the $3.40 high. The main support sits at $2.50 and the 50-day simple moving average (blue).

A daily close below the $2.50 support could start a major decline. In the stated case, the price might decline and test the $2.00 support zone.

Overall, XRP price is trading in a strong bullish zone above the $3.00 support. The price remains attractive and might soon attempt more gains above the $3.250 level.