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XRP Price Prediction for January 5
Ripple’s XRP is currently trading below the critical $2.40 level and has seen a decline of more than two percent. In order to maintain its upward momentum, it must hold above the current support levels, particularly the $2.29 mark. It is essential to note that XRP, like many major altcoins, often follows Bitcoin’s price action. If Bitcoin experiences a short-term bounce, we may see similar movements in altcoins such as XRP.
Possible Pullback or Minor Slowdown Ahead?
Although the bearish divergence might signal a pullback, it does not always result in a significant drop. In some cases, it can lead to minor slowdowns, like the current resistance around the $2.50 mark. With XRP nearing a key resistance point and flashing this warning sign, it is not a good time to open new long positions. On the other hand, it could be a good idea to take some profits from existing positions for now.
Support and Resistance Levels
The price has hit resistance at $2.70 and $2.63. Additional resistance levels are shown by the pivot points at $2.58 and $2.53, with stalling observed in the 3-10 day moving average crossover and raw stochastic levels at 80% and 70%. The price crossed the 18-day moving average at $2.41, and the 38.2% retracement from the 4-week high stands at $2.41 as well. Additional support can be found at $2.40 (first support point) and $2.35 (second support point), with a 50% retracement from the 4-week high/low at $2.31. The 9-day moving average also stalled at $2.33. Deeper support is available at $2.27 and $2.19, where the price crosses the 9-day moving average.
Conclusion
The XRP price prediction for January 5 remains uncertain due to a variety of factors, including Bitcoin’s short-term bounce possibility and potential market volatility. It is essential to continue monitoring these developments closely and stay up-to-date on any future announcements from Ripple or other key players in the industry.
Source: coinpedia.org
