Ripple Price Analysis: Can XRP Take Down $3 After 8% Daily Surge?

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Ripple’s price has been steadily rising, nearing the upper boundary of the sideways wedge pattern.

Surpassing this significant level might spark a bullish trend, as investors aim for the $3 area that serves as potential resistance.

XRP Analysis

By Shayan

The Daily Chart

Lately, RP has bounced back from the lower limit of its wedge pattern at $2, showing robust buying interest. This upward movement has brought the asset close to the upper boundary at $2.5, which is a notable level of dynamic resistance.

If it surpasses this upper limit, there might be an increase in bullish energy, possibly pushing the value towards the significant $3 resistance area, which is both psychologically and technically important. The upcoming days are crucial as the movements around $2.5 will determine Ripple’s short-term direction. A successful breach could pave the way for a prolonged bullish trend.

The 4-Hour Chart

The structure of XRP’s market shows a bullish trend on lower timeframes as the price consistently hits new highs and maintains support at higher lows. This uptrend is supported by substantial buying activity around the 0.5-0.618 Fibonacci retracement levels, driving the price upward.

Despite the steady rally, Ripple remains trapped within the $2-$3 range, with a breakout required for a fresh trend. The price is expected to climb toward the $3 threshold, a level critical for validating the bullish continuation. However, consolidation within this range is likely to persist without a breakout.

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2025-01-14 16:47