- XRP trades at $2.40, up 16.46% in 7 days, with a bullish breakout hinting at a potential rally to $3.60, per Captain Faibik.
- Indicators show consolidation between $2.32 to $2.48; a break above $2.50 could target $2.87 and higher, reinforcing bullish sentiment.
- XRP’s golden cross supports long term bullish momentum; holding $2.40 is key to attracting more buyers and upward movement.
On January 6, 2025, at press time, XRP was trading at $2.40, up by 16.46% in the past 7 days. According to analyst Captain Faibik, another bullish rally is imminent, potentially driving the price to $3.66.
Technical Indicators
On the 4-hour timeframe, XRP’s price consolidates between $2.32 and $2.48, with a recent breakout attempt at $2.48 facing resistance. The anchored VWAP shows the price slightly above, indicating mild bullish pressure.
However, the lack of a strong upward trend suggests buyer hesitation. The RSI is at 54.15, a neutral momentum but slightly leaning bullish. Despite this, the downward move from a peak of 56.18 points to weakening bullish strength.
The MACD line, is at 0.0337, above the signal line at 0.0222, hinting at short term bullishness. However, the narrowing gap suggests a potential bearish crossover, indicating market indecision.
Moving Averages
XRP’s price is consolidating at $2.40 after peaking at $2.87 in early December 2024. A golden cross occurred in mid November, where the MA50 crossed above the MA200, confirming a bullish trend.
The MA50, at $2.33, is the near term support, closely aligning with recent price actions, while the MA200 at $1.94 provides long term support. A break above $2.50 could see a retest of the $2.70-$2.87 range, while a breakdown could lead to a retracement toward $2.33 or lower.
Bullish Breakout Suggests Potential Upside
XRP recently broke above a descending channel’s upper resistance near $2.40, suggesting a bullish breakout. Historically, breakouts from such patterns led to upward moves. Support now is at the breakout level of $2.40, with the next major resistance around $2.87.
This breakout could potentially lead XRP to approximately $3.60, according to Captain Faibik. The current market outlook is positive, supported by increased buying pressure. If XRP maintains $2.40, it could attract more buyers, reinforcing the bullish sentiment.
However, failure to hold this level could lead to a retest of the $2.00 support. The hope surrounding the SEC’s potential withdrawal of its appeal by January 15 could further influence XRP’s movement, possibly pushing it toward $3 or higher.
