XRP Price Prediction For January 12
Currently, XRP is trading sideways, which has been a feature of its price action over the past few months. However, over the past few weeks, XRP has broken through key resistance levels, which could signal the beginning of a new bullish trend. At the time of writing, XRP is trading above the $2.50 mark and is up over 9% in the past 24 hours.
As you can see from the chart, the price of XRP is currently sitting above some important levels, suggesting that the market may rise to new highs.
Important price levels to monitor
Looking ahead, XRP will need to break through some key resistance points if it is to continue its rise and reach new highs. The first upside breakout level to watch is around $2.55, followed by another resistance level at $2.72. If XRP is able to clear these two levels, it could pave the way for a rebound that could push the price towards all-time highs.
However, it’s worth noting that there is a point of failure in this bullish scenario. If the price falls below $1.96, it may indicate that the current trend may not continue and the market outlook needs to be re-evaluated. Therefore, support in the $2.20-$2.30 range is critical for XRP’s short-term prospects.
Technical analysis:
XRP has formed a triangle pattern, It consists of five waves: ABCDE. This mode has now technically completed its minimum requirements. The formation of this pattern indicates that price may break out to the upside or to the downside. So far, the support area between $2.20 and $2.30, which are the Fibonacci levels used by traders to identify potential areas of support and resistance, has generated positive reactions.
