Will XRP Continue Its 8% Rally? Price Prediction for January 17

• XRP sees strong upward momentum with an 8.38% price increase in 24 hours.
• Trading volume spikes 86%, signaling bullish sentiment and strong investor activity.
• RSI and MACD indicators suggest continued bullish momentum with slight caution.

XRP has been steadily gaining over the past 24 hours, surging 8.38% to reach $3.07. This price prediction for January 17th explores what might be next for XRP. The upward momentum is driven by significant trading activity and a rise in large XRP transactions. 

Whale Alert data shows that Ripple co-founder Chris Larsen recently moved 20 million XRP (worth $60.55 million) to an unknown wallet.

Analyst Ali Martinez also pointed out a jump in XRP transactions over $1 million. There were 341 such transactions yesterday. This shows strong market interest, which is pushing XRP’s price higher.

Trading Volume and Liquidity Support Bullish Sentiment

XRP’s price surge comes with a significant rise in trading volume, which is up 86.03% to $22.44 billion. This shows that investors are active in the market and feeling bullish.

Moreover, XRP also has sound liquidity. There are 57.49 billion XRP tokens in circulation, out of a total supply of 100 billion. This helps sustain market momentum. Buyers are taking advantage of recent dips to push prices higher.

Related: XRP Price Prediction for January 15 : What to Expect in the Next 24 Hours

Key Support and Resistance Levels Dictate Price Action

The chart reveals essential support and resistance levels shaping XRP’s price action. The $2.83 level emerged as a critical support zone after an early-day dip, while $2.90 provided a consolidation point before the rally resumed. 

On the upside, resistance lies in the $3.10-$3.15 range, where upward momentum has slowed slightly. A major resistance level is identified at $3.20, a threshold that could dictate further price movement.

Technical Indicators Highlight Bullish Momentum with Room for Growth

Related: XRP’s Recovery Signals New Opportunities Against Bitcoin

From a technical perspective, XRP’s indicators suggest the bullish momentum will continue. The Relative Strength Index (RSI) stands at 60.12, just below the overbought threshold. This indicates sustained strength while leaving room for further gains. 

But, we should be careful. If the RSI gets closer to overbought levels, the price could consolidate. The Moving Average Convergence Divergence (MACD) line is at 0.17699, above the signal line at 0.10802. This confirms the bullish trend. However, the histogram bars, while showing increasing strength, are getting slightly smaller. This could mean the upward momentum is slowing down.