As a seasoned researcher with years of experience in the cryptocurrency market, I can confidently say that the current state of XRP is intriguing. The price has shown resilience, consistently holding above the crucial $2.40 zone, a testament to its potential for growth. However, it’s important to note that the recent correction from the $2.65 resistance indicates some bearish sentiment among traders.
The value of XRP stayed above the $2.40 mark, maintaining a favorable position. It appears to be gathering strength and may attempt to surge past the $2.60 threshold next.
- XRP price started a downside correction from the $2.65 resistance zone.
- The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.45 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.550 resistance.
XRP Price Holds Key Support
The cost of XRP surged past the $2.40 barrier, similar to Bitcoin and Ethereum, with signs of escalation also seen beyond the $2.50 and $2.55 thresholds.
Nevertheless, bears were seen being active around the $2.65 mark. A peak was reached at $2.64 and subsequently, a decrease began. The price dropped below the $2.55 and $5.20 thresholds. It fell beneath the 23.6% Fibonacci retracement level of the upward trend from the $2.165 trough to the $2.645 peak.
Currently, the price is sitting above $2.40 and slightly above its 100-hour moving average. Additionally, a significant bullish trend line is developing with support at approximately $2.45 on the hourly chart of XRP/USD. This trend line is near the halfway point (50%) of the Fibonacci retracement level from the price drop to high between $2.165 and $2.645.
Positively, the cost could encounter obstacles close to the $2.50 mark. The initial significant hurdle lies near $2.550. Following this, a barrier exists at $2.650. A decisive break above the $2.650 barrier may propel the price towards the potential resistance level of $2.750.
Further increases could potentially push the price up towards the upcoming resistances at around $2.850 and maybe even $2.920 in the short term. The primary challenge for buyers in the near future could lie at approximately $3.00.
More Losses?
Should XRP struggle to surpass the $2.550 resistance threshold, a possible retreat may ensue. A potential floor during this downtrend could be around $2.450. Below that, significant support might be found near the $2.40 mark.
Should a drop occur and the price dips below $2.40, it could potentially lead to further decreases, possibly reaching the $2.280 support level. Further significant support can be found around the $2.150 area.
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 – $2.4000 and $2.3500.
Major Resistance Levels – $2.5000 and $2.6500.
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2024-12-09 07:16