XRP Invalidation Point: Closing above This Key Resistance Would Change the Outlook

Prominent crypto analyst EGRAG CRYPTO (@egragcrypto) recently shared an in-depth analysis of XRP’s price behavior on the daily chart. The cryptocurrency currently appears to be in a ranging phase, with no decisive movements above or below key resistance and support levels.

According to EGRAG CRYPTO, “XRP is simply ranging, and it’s best to wait for the yellow 21 EMA (Exponential Moving Average) to align with the price” This indicates a period of market consolidation, where traders are waiting for more clarity before committing to major positions.

#XRP – Daily Time Frame Analysis – Noise Time: #XRP is simply ranging, and it's best to wait for the yellow 21 EMA (Exponential Moving Average) to align with the price.

We could see a retest of $2.83, and there might be a wick down to $2.50, which is normal.

Invalidation… pic.twitter.com/kcBBC97roH

— EGRAG CRYPTO (@egragcrypto) January 24, 2025

Critical Levels to Monitor

EGRAG CRYPTO’s analysis highlights several important price levels for XRP. The key resistance level lies at $3.40, with the analyst noting that a daily close above this price would serve as an “invalidation point,” shifting the overall market outlook toward a bullish trend.

On the downside, the analyst identified potential support levels at $2.83 and $2.50, where a temporary price dip could occur before buyers step in. The analyst emphasizes that a wick down to $2.50 is “normal” during this market behavior, especially as XRP seeks equilibrium.

Furthermore, the current price action suggests a close interaction with the 21-day EMA, a dynamic support and resistance indicator. Once this moving average aligns with the price, it could kickstart a price rally.

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Where is XRP Going Next?

The analysis reflects the uncertainty in the market as XRP attempts to stabilize following a period of volatility. Multiple analysts expect a massive breakout from the current market position, with one notable analyst recently setting an $8 target .

XRP is currently trading at $3.1, and although it has fallen over 2.5% from yesterday, it is still up over 42% from last month. The digital asset recently rose to $3.39, a multi-year high reached on January 16.

Another well-known analyst shared a detailed analysis that could send XRP to $4 . Reaching this target would decisively confirm the breakout above $3.4 that EGRAG CRYPTO outlined, and also breach its all-time high of $3.84.

The importance of the $3.40 resistance level cannot be overstated, as surpassing it would likely bring renewed bullish momentum and attract increased investor interest. This breakout would confirm the asset’s momentum and pave the way for a further climb.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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