XRP Price Prediction For January 1 2025
XRP’s price action remains relatively unchanged, with no major updates on recent developments. However, technical analysis suggests that the lower boundary of a potential triangle pattern is reacting. Here’s a detailed analysis of the current situation and what to watch out for going forward. At the time of writing, XRP is up over 5% and trading at $2.12.
Key response to the lower boundary
XRP shows mild reaction The trend line has been hit three times so far. While this trendline is important, it does not yet confirm the completion of a clear pattern. The current move may be part of a deeper wave within the larger Elliott Wave triangle.
Current view: Horizontal triangle in progress
Analysis has been largely unchanged over the past few weeks. XRP appears to be forming a wave 4, with price action likely to follow a triangle structure. Since triangles are fragile formations that can undergo unexpected changes, it is important to remain alert to key levels for any changes in market structure.
Key Levels to Watch: Resistance and Support
- Support level: $1.95 and $1.90 (key downside levels)
- Resistance levels: $2.42 (key level to watch for potential rejection)
The $2.42 level is particularly important as it coincides with a potential wave C target. Historical price patterns indicate that wave C typically mirrors the length of wave A, with the 61.8% extension level playing a key role.
what happens next
If XRP reaches the $2.42 to $2.45 range, it may face significant resistance. Additionally, the trendline in this area may prevent further gains. While there is no guarantee that XRP will reach this area, it is a key area to watch.
Rejection at this level indicates that the structure is close to completion and could lead to a breakout to the upside. On the other hand, an impulsive decline could shift the focus to a more bearish outlook, with support between $1.39 and $1.80 becoming more relevant.
