The current situation of the project
The cryptocurrency XRP, native to the Ripple network, is grinding ground at a rate not seen in years. In fact, to find performance (and levels) like that of the past few months, we have to go back to early 2018, exactly 7 years ago. That’s an eternity for the crypto sector, which is among the youngest, most dynamic, and fastest growing ever.
There are several reasons behind this impressive recovery, but the one that weighs most heavily is the word “end” to the long court case with the Securities and Exchange Commission. The back-and-forth between courtrooms has had a major negative impact on the Ripple project, as well as on the native XRP coin, putting a good portion of investors on the run. There is to be said, however, that the company has continued to innovate and offer its services, while XRP has managed to remain in the upper echelons of the most capitalized cryptos ever.
Today, having put on file this long phase of uncertainty, Ripple can think about the future with greater peace of mind, also helped by the arrival of an administration (the American one) favorable to cryptocurrencies and the industry in general. The SEC has expressed its willingness not to file any further appeals, finally freeing the company from the threat of hefty fines, downsizing, and disputes.
XRP has responded “present!” and is growing at a rapid pace. We recommend great caution in operating this coin: given the vertical climbing underway from November to the present, one could find oneself embroiled in heavy retracements.
At this point, having quickly recounted the current state of this reality, let us let the charts do the talking and understand where we are from a technical point of view.
Analisi tecnica di XRP
Key data to know:
- ATH: Jan. 4, 2018, $3.84 per specimen (source CoinMarketCap); others data from different sources: 3,53$ Binance and Poloniex; 3,35 Kraken;
- Maximum supply: 100 billion coins;
- Circulating supply: about 57 billion coins;
- Market cap: $164 billion, third largest cryptocurrency;
- Current price (Jan. 15, 2025, 3 p.m.): $2.86.
If we look at the XRP/USD chart (above, source TradingView) over a time frame of one, two or more years, we will notice how a very long phase of boredom and difficulty was suddenly broken in November 2024. In fact, we went from a coin that was sailing in the $0.50 per specimen area to the current $2.86 in a very short time, with a hyperextension of the chart that should warn anyone who is thinking of going long now, but also those who are already positioned.
Warning: we are not saying that the value of XRP will go down for sure, but one should move with caution after such a powerful and rapid rise.
Focusing instead on the present moment (chart above), the level we are on is a resistance caressed on a couple of occasions in early December 2024. After that, the price trend has been channeled into a sideways movement (between about $2 and $2.7) that we also find in other cryptocurrencies (including bitcoin).
It will therefore be crucial to break resistance and successfully retest it in order to continue upward. In case of success, also watch out for the psychological level of $3. In any case, should this scenario manifest itself, we will update again.
Looking at the supports, the first one is in the $2.66 area, but it is not particularly robust. Better is the range between $2.57 and $2.60, followed by the important area between $2.4 and $2.45.
In any case, the sideways range is safe as long as we stay above $2 per sample. However, this would be a significant percentage loss from today’s price, which would require re-evaluation.
Looking at volumes: for now they are definitely more unloaded than in early December. However, they remain fairly concordant with the trend.
