XRP trades above $2.00 – Technical hurdle expected at Fibonacci level

As we start the new year, XRP shows a mixed performance: with a current price of $2.07 and a gain of 1.12% in the last 24 hours, the cryptocurrency demonstrates short-term stability. However, longer-term weaknesses are evident: over seven days, XRP is down 12.16%, indicating significant selling pressure. The trading day began with a high of $2.11 and a low of $2.04, reflecting ongoing volatility within a tightly defined trading range.

Technical Levels in Focus

From a technical perspective, XRP is moving within a critical zone. Immediate resistance is focused on the 0.236 Fibonacci retracement level at $1.89. If the price breaks through this level and consolidates sustainably above it, the door opens to the next significant resistance zone at $1.968.

On the downside, the situation appears more robust: an important support zone is located at the 0 Fibonacci level at $1.77. This level has repeatedly proven to be a reliable catch area. Failure to defend this support would mean a sell-off down to approximately $1.72, where the next stop line on the chart is located.

Market Interpretation

The narrow trading ranges and the absence of a breakout so far suggest a consolidation phase. While the 14-day performance with a slight increase of 0.5% indicates some resilience, the 7-day statistics dominate market sentiment, which is significantly more negative. Trading participants should monitor the mentioned Fibonacci levels as critical reference points to early identify potential breakout opportunities.