XRP Price Forecast for Jan 23: Key Levels XRP Needs to Break for a Directional Move

XRP faces key resistance and support levels, with a breakout above resistance potentially signaling a directional move.

XRP has seen notable movement in the past day, changing hands at approximately $1.90 after experiencing a 2.7% drop. The price initially reached a high of $1.96 before descending to the lower end of its daily range, settling just above $1.90. The chart shows consistent downward pressure throughout the day, with XRP failing to hold above the $1.95 level.

Despite this recent decline, XRP has shown positive performance over a longer time frame. Over the past 30 days, the token has gained 2.8%, suggesting some degree of resilience amid the current retracement. However, the weekly performance shows a steeper drop of 8.2%. As XRP continues to experience intraday volatility, traders will be looking for key support levels to determine whether a reversal or continued decline is likely.

What’s Next for XRP?

XRP’s daily chart indicates bearish activity in the market, with the price fluctuating below the Parabolic SAR. For any strong trend to form, the price must break the Parabolic SAR resistance at $2.14, a crucial level that has provided resistance in the past.

Looking at the MACD indicator, the bars have transitioned to negative territory, which could signal a shift in momentum toward the downside. The MACD line is also trending below the signal line, a sign that bears have been dominant in the recent past. For any upward move to occur, the bulls need to flip the histogram to green and push the MACD line above the signal line.

If XRP manages to hold above its support at $1.86, breach the Parabolic SAR, and flip MACD bullish, a move toward $2.16 or even $2.35 could be expected. Alternatively, failure to breach the Parabolic SAR may lead to a retracement back toward the $1.80 support zone.

Next XRP Move to Occur Today?

Another analyst, Maxi, shared his perspective on X, stating that he believes the next significant move for XRP will occur today. This statement is in line with the technical indicators observed on the chart, where XRP appears to be testing a critical resistance level. 

As the price action consolidates near the trendline, there is potential for a breakout, which could signal the next directional move for the fifth-largest crypto by market cap. His chart shows a potential target above $2.50 if the breakout occurs.