XRP Forecast for Jan 16: Can It Hold On the $2.01 Support Level?

The XRP price is testing key support levels, with an analyst predicting a potential bullish push.

XRP currently trades for $2.07, with a 24-hour performance reflecting a slight decrease of 0.8%. Over the last 24 hours, XRP fluctuated between $2.06 and $2.13, showing a relatively narrow trading range.

XRP’s market cap stands at approximately $125.85 billion, down 0.3% in the past day. The 24-hour trading volume is reported at $2.81 billion, a decrease of over 30%.

When compared to Bitcoin, XRP has underperformed in the past 24 hours, with a 0.3% decrease in the BTC ratio. Additionally, over the past 7 days, XRP has lost by 2.7%. However, in the past 14 days, XRP has experienced a more notable 10.7% increase. Can XRP hold on key levels?

Can XRP Hold Key Levels?

XRP is trying to hold on to support after a rebound from the $1.77 area toward the $2.41 swing high and back above $2.05. The chart highlights a clear reaction around key Fibonacci retracement levels, with price currently hovering below the 0.5 retracement at $2.094.

XRP Price AnalysisThis zone has acted as short-term support and has recently broken. On the other side, the 0.382 level around $2.17 continues to cap upside attempts. Notably, the Connors RSI provides an important shift in momentum.

After trending lower during the recent pullback, the indicator has begun to turn upward from depressed levels. This improvement indicates easing downside pressure and hints at short-term stabilization. While the RSI remains below neutral territory, the recovery suggests sellers are losing control.

If XRP holds above the $2.01–$2.09 support band, the chart leaves room for a gradual push back toward $2.17 and $2.26. However, failure to defend current levels could expose the 0.786 retracement near $1.90

XRP Setting up for a Push

XRP PredictionThe analyst’s primary focus is on the potential for the C wave to target the golden retracement around $2.26, with a slight possibility of an overshoot toward $2.28, where the 1.236 extension aligns.

The expectation is that the C wave will unfold in five bullish subwaves, pushing XRP higher. However, the analyst warns that a rejection could lead to the onset of Wave 3 down, which would target the $1.65 support level. The development of this C wave is crucial to confirming the overall wave pattern and determining XRP’s future price trajectory.