- XRP’s $2.05 trendline and $2.50 breakout level signal potential entry points, with a bullish target of $10.
- XRP consolidates near $2.30, supported by the 0.786 Fibonacci at $1.99, while $2.91 is a crucial breakout level for bullish momentum.
- Macro trends, like U.S. jobs data and tighter Fed policies, limit crypto liquidity, impacting XRP’s price action and speculative assets.
According to analyst Ali, XRP presents two potential entry points based on its current technical formation. The first entry is at $2.05, aligning with the rising trendline of the pennant. The second is at $2.50, that could lead to a breakout beyond the pennant.
Despite the entry chosen, Ali predicts a target of $10, suggesting substantial upside potential. Meanwhile, CrediBULL Crypto notes the importance of the $2.18 support level, suggesting a potential revisit before a bullish move.
Price Levels and Support Zones
At the time of publication, XRP was trading at $2.30, a 2.13% dip in the past 24 hours. This level remains below the important 1 Fibonacci retracement level of $2.91, indicating consolidation phase after a sharp rally.
The retracement has strong support at the 0.786 Fibonacci level, around $1.99, which points to bullish consolidation rather than a reversal. The 0.618 level at $1.47 is the support if the price dips further. A breakout above $2.91 could lead to bullish momentum toward projected targets of $4.73, $6.09, $8.76, and potentially $11.81.
Market Patterns and Indicators
XRP has formed a symmetrical triangle pattern over recent weeks, suggesting a critical decision point. XRP had a parabolic rise in November, reaching the 1 Fibonacci retracement level before pulling back. The current pattern suggests that a breakout or breakdown is approaching as XRP near the top of the wedge.
The RSI is at 44.84, indicating neutral to slightly bearish sentiment. The MACD also points to weak bearish momentum, though there are signs of stabilization. A MACD crossover could signal a bullish reversal, especially if volume surge accompanies the move.
Broader Market Impacts
Macroeconomic factors influence XRP and the broader crypto market. Strong U.S. jobs data, with 8.096 million job openings, indicates a resilient labor market, reducing the likelihood of interest rate cuts by the Federal Reserve.
This tighter monetary policy impacts speculative assets, including digital assets, by limiting liquidity. Additionally, profit taking by investors following major gains in 2024 contributes to short term price pressure.
Shifts in market sentiment, driven by policy expectations and regulatory uncertainties, further impact XRP’s price movements. These factors show the need for the market to monitor key levels, such as $2.91 for potential breakouts or $1.99 for support level.
