XRP Price Steadies Above Support: Preparing for the Next Move?

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As a seasoned crypto investor with a knack for technical analysis, I can’t help but feel a bit of déjà vu looking at the XRP chart right now. The price consolidation above $2.15 and the resistance at $2.40 is reminiscent of a game of ping-pong, albeit a rather frustrating one.

The cost of XRP has been hanging out below the $2.50 threshold, but it’s currently gathering strength around $2.150. It may potentially push higher to surpass the $2.40 mark in its next upward trend.

  • XRP price started another decline and traded below the $2.40 level.
  • The price is now trading below $2.40 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $2.38 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might start another increase if it clears the $2.40 resistance.

XRP Price Consolidates above Support

The price of XRP saw another drop as it couldn’t break through the $2.50 barrier, unlike Bitcoin and Ethereum. This decline continued even after falling beneath the $2.40 and $2.30 mark.

Despite dipping slightly, the bulls have been persistent above their last support at $2.15. Now, the price is climbing higher and currently trading above $2.20. It’s currently challenging the 23.6% Fibonacci retracement level from the recent fall, which spans from the high of $2.866 to the low of $2.166.

Currently, the XRP/USD pair’s price is moving below the $2.40 mark and under its 100-hour Simple Moving Average. As we look to potential increases, there might be resistance encountered around $2.35. Additionally, a significant bearish trend line is developing on the hourly chart, with resistance at approximately $2.38 for the XRP/USD pair.

Approaching the $2.40 mark, we encounter a significant barrier in our progress. The subsequent challenge lies at $2.50. This hurdle is close to the 50% Fibonacci retracement level following the recent decline from the peak of $2.866 down to $2.166.

Moving beyond the $2.50 barrier could potentially push the price up to around $2.65, with further growth possibly taking it to $2.70 or even $2.85 in the short term. The main challenge for the bulls in the near future might be at $3.00.

Another Decline?

If XRP doesn’t manage to break through the resistance at approximately $2.380, there’s a chance it might initiate another drop. A potential floor for this decline could be around $2.200. Should that support fail, the next significant support level is roughly $2.150.

If a fall occurs beyond the $2.150 mark with a subsequent drop below it, there’s a possibility that the price could further decrease, aiming for the $2.050 support level and the trend line. The next significant area of potential support can be found around the $2.00 region.

Technical Indicators

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

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

Major Support Levels – $2.2000 and $2.1500.

Major Resistance Levels – $2.3800 and $2.5000.

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2024-12-06 07:16