XRP Price Surges Past $2.45, Eyes $2.60 Resistance Amid Market Volatility

NEW YORK — XRP, the cryptocurrency associated with Ripple, surged past the $2.45 mark on Jan. 14, 2024, despite broader market pressures affecting Bitcoin and Ethereum. The digital asset gained over 4%, outperforming its peers and showing signs of continued upward momentum.

The price increase followed a break above key resistance levels at $2.40 and $2.42, with XRP climbing above the 50% Fibonacci retracement level of its recent downward move from $2.597 to $2.332. A connecting bearish trend line at $2.50 was also breached, signaling potential for further gains.

As of press time, XRP is trading above $2.4650 and the 100-hourly Simple Moving Average. Analysts are closely watching the $2.550 resistance level, which aligns with the 76.4% Fibonacci retracement level. A clear move above this could push the price toward $2.60, with further resistance at $2.620 and $2.650.

However, if XRP fails to break the $2.60 resistance, a downside correction could occur. Initial support lies at $2.480, followed by $2.420. A break below $2.420 might lead to a decline toward $2.350 or even $2.320.

Technical indicators show mixed signals. The hourly MACD is losing momentum in the bullish zone, while the Relative Strength Index (RSI) remains above 50, indicating continued buyer interest.

Market analysts suggest that XRP’s performance could be influenced by broader cryptocurrency trends and regulatory developments. “The $2.60 level is critical,” said one trader. “If XRP can sustain above it, we could see a push toward $2.80 in the near term.”