XRP price struggled to continue higher above the $3.30 level. The price is now correcting gains and might find bids near the $3.00 level.

• XRP price started a downside correction from the $3.30 zone.
• The price is now trading below $3.20 and the 100-hourly Simple Moving Average.
• There was a break below a connecting bullish trend line with support at $3.1450 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start a fresh increase if it stays above the $3.00 support.

XRP Price Dips Again

XRP price managed to start a fresh increase from the $3.120 support zone, but upsides were limited compared to Bitcoin. The price was able to surpass the $3.250 level before the bears appeared.

A high was formed at $3.285 and the price recently started a downside correction. There was a move below the $3.20 support. The price dipped below the 50% Fib retracement level of the upward move from the $3.012 swing low to the $3.285 high.

Besides, there was a break below a connecting bullish trend line with support at $3.1450 on the hourly chart of the XRP/USD pair. The price is now trading below $3.20 and the 100-hourly Simple Moving Average.

It is now holding the 61.8% Fib retracement level of the upward move from the $3.012 swing low to the $3.285 high. On the upside, the price might face resistance near the $3.150 level. The first major resistance is near the $3.20 level.

The next resistance is $3.250. A clear move above the $3.250 resistance might send the price toward the $3.30 resistance. Any more gains might send the price toward the $3.4250 resistance or even $3.450 in the near term. The next major hurdle for the bulls might be $3.50.

More Losses?

If XRP fails to clear the $3.20 resistance zone, it could start another decline. Initial support on the downside is near the $3.120 level. The next major support is near the $3.00 level.

If there is a downside break and a close below the $3.00 level, the price might continue to decline toward the $2.880 support. The next major support sits near the $2.750 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $3.120 and $3.00.

Major Resistance Levels – $3.20 and $3.250.

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US Representative Gerald Connolly has called for immediate action to address concerns about President Donald Trump’s financial entanglements, particularly in the crypto space. 

In a letter, Connolly asked the House Oversight and Government Reform Committee to investigate potential conflicts of interest tied to Trump’s involvement in crypto ventures, which he argues could undermine presidential ethics and transparency.

Trump’s Meme Coin: A Threat to Transparency and National Security?

Connolly’s letter focuses on Trump’s role in launching World Liberty Financial (WLF), a crypto project inspired by Trump’s vision of financial independence.

According to reports, Justin Sun, the founder of Tron, has made significant investments in WLF. Connoly said Justin Sun is a foreign entrepreneur under investigation by the US SEC for alleged securities fraud related to his own crypto ventures.

Sun’s $30 million investment in WLF tokens reportedly allowed the platform to meet its revenue target, potentially funneling money directly to Trump and his family.

“The expanding scope of President Trump—and by extension The Trump Organization’s—financial entanglements and quid pro quo promises are troubling,” Connolly wrote.

He insists that the Oversight Committee must investigate these ventures under the provisions of the Presidential Ethics Reform Act. While WLF’s tokens do not offer a legitimate financial return, Connolly warns that they present an easy mechanism for individuals and foreign entities to gain favor with the Trump family.

Trump’s other crypto involvements added to the concerns surrounding WLF. Just days before his inauguration, Trump launched a meme coin called “TRUMP.”

The TRUMP token has already garnered a fully diluted valuation nearing $40 billion. The “Official Trump” token, launched last week, experienced a rapid surge of over 1,100%, rising from $6 to $75 within a few hours. However, as of writing, it is trading at around $37.93.

When asked about TRUMP at a recent conference, the President appeared uncertain about its details. 

“I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful,” Trump said.

Moreover, Congresswoman Maxine Waters said the TRUMP meme coin “represents the worst of crypto.”

“Through his meme coin, Trump has created a way to circumvent national security and anti-corruption laws, allowing interested parties to anonymously transfer money to him and his inner circle,” Waters said in a January 20 statement.

She added that anyone around the world, including individuals who have been sanctioned by the US, can now trade and profit from TRUMP.

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Ethereum price is struggling below the $3,400 resistance. ETH is showing a few bearish signs and might decline below the $3,150 support.

• Ethereum failed to gain pace for a close above $3,350 and $3,400.
• The price is trading below $3,300 and the 100-hourly Simple Moving Average.
• There was a break below a key contracting triangle with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start another increase if it stays above the $3,120 support level.

Ethereum Price Breaks Support

Ethereum price started a decent upward move from the $3,220 level but upsides were limited compared to Bitcoin. ETH cleared the $3,300 resistance before the bears appeared.

A high was formed at $3,361 and the price is now moving lower. There was a move below the $3,250 and $3,220 support levels. Besides, there was a break below a key contracting triangle with support at $3,270 on the hourly chart of ETH/USD.

A low was formed at $3,201 and the price is now consolidating. Ethereum price is now trading below $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,280 level or the 50% Fib retracement level of the downward move from the $3,363 swing high to the $3,201 low.

The first major resistance is near the $3,300 level or the 61.8% Fib retracement level of the downward move from the $3,363 swing high to the $3,201 low. The main resistance is now forming near $3,350.

A clear move above the $3,350 resistance might send the price toward the $3,450 resistance. An upside break above the $3,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,580 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $3,300 resistance, it could start another decline. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,150.

A clear move below the $3,150 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,200

Major Resistance Level – $3,300

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