XRP Price Prediction For January 23
XRP is at a critical juncture, with its price either poised for a major breakout or possibly marking the end of an internal corrective rally. This scenario could play out in two ways: a bullish continuation to the upside or a corrective pullback. Both scenarios are part of the overall bullish outlook, as XRP could be is undergoing a second wave of corrections. As of this writing, XRP is trading at $3.14, down more than 2% in the past 24 hours.
Bullish outlook and key support levels:
In the most optimistic scenario, the price may form a first wave of gains, followed by a second wave of correction, which may have bottomed around $2.79. An important level to watch is the $2.52 mark, which serves as a key support area. A break below $2.52 would invalidate the bullish scenario and point to a more bearish outlook, with the potential for further downside.
Challenges to break through immediately:
The current price trend is somewhat unclear. Although XRP has held key support levels, it remains below all-time highs and the price action since January 20 has been choppy and overlapping. This suggests that while the bullish case remains intact, there could still be some consolidation or a retest of support before a sustained breakout.
Lateral movement potential:
XRP price is likely to continue to consolidate between $2.50 and $3.40. While this range may be viewed as “noise,” it is important to monitor the key resistance level at $3.40. A break above this level would signal the next leg higher in this bullish scenario. On the other hand, if XRP fails to break out and falls below the $2.52 level, it would indicate that the correction wave is still unfolding.
