XRP Price Eases Gains: Eyes on The Critical $2 Threshold

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As a seasoned researcher with years of experience in the crypto market, I’ve seen more than a few price fluctuations that would make even the most stoic among us laugh. Today, however, it seems we’re witnessing another dip in XRP prices.

As a researcher observing the XRP market, I noticed that the price didn’t manage to surge beyond the $2.40 region. Unfortunately, there has been a decrease of approximately 10%, which could potentially lead to further drops, possibly towards the supportive zone at $2.00.

  • XRP price started a downside correction from the $2.50 resistance zone.
  • The price is now trading below $2.30 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $2.26 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might start another increase if it clears the $2.32 resistance.

XRP Price Dips Again

The cost of XRP didn’t successfully break through the $2.50 barrier for an upward trend. Instead, much like Bitcoin and Ethereum, it began a new drop below the $2.35 level. It also fell beneath the $2.30 and $2.25 support levels.

As a crypto investor, I found myself grappling with a steep decline that took the price below my critical support at $2.20. The lowest point was hit at $1.989. However, it seems like the market is making amends now, as we’ve seen a move above the $2.20 level. Interestingly, the price has surged past the 23.6% Fibonacci retracement level of our recent downward swing from $2.64 high to $1.98 low.

Currently, the price is dipping below $2.30 and falls under the 100-hour Simple Moving Average. As it moves upward, potential obstacles might arise around the $2.20 mark. The initial significant resistance lies at approximately $2.250.

As I analyze the hourly chart of the XRP/USD pair, I’ve noticed a bearish trend line developing with a potential resistance at approximately $2.26. Moving forward, there are two key levels of resistance to keep an eye on: the next one is at $2.30, which coincides with the 50% Fibonacci retracement level from the price swing high at $2.64 to the low at $1.98. If we observe a decisive break above the $2.30 resistance, it could potentially propel the price towards the next significant resistance at $2.350.

Further increases could potentially push the price upwards towards the short-term resistance at around $2.40 or even $2.420. A significant obstacle for further growth, however, may lie at approximately $2.550 in the immediate future.

More Losses?

If XRP doesn’t manage to surpass the $2.250 barrier, there might be another drop in price. A potential first line of defense on the downside lies around $2.050. Beyond that, significant support can be found near the $2.00 level.

Should a drop occur and the price falls below the $2.00 mark, it could potentially proceed downward towards the $1.880 level of support. A significant support lies around the $1.750 region next.

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 – $2.0500 and $2.0000.

Major Resistance Levels – $2.2500 and $2.3000.

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2024-12-10 07:18