As a seasoned researcher with years of experience in the cryptocurrency market, I find myself closely monitoring the XRP price movements. The recent correction from the $2.50 zone has been intriguing, to say the least. However, the current consolidation phase could potentially set the stage for another move above the $2.4650 resistance.
Initially, the value of XRP began to decline after reaching around $2.50. Currently, it’s pausing to gather strength before potentially breaking through the barrier at $2.4650.
- XRP price started a fresh increase above the $2.425 zone.
- The price is now trading above $2.350 and the 100-hourly Simple Moving Average.
- There is a short-term bullish trend line forming with support at $2.380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.465 resistance.
XRP Price Holds Support
The cost of XRP has initiated a notable surge past the $2.35 mark, much like Bitcoin and Ethereum. It successfully broke through the obstacles at $2.40 and $2.420, suggesting a strong upward momentum.
Initially, the cost surged past $2.50; however, it subsequently peaked at $2.530. Now, the price is stabilizing after a brief dip below $2.4650, and it’s trading just below the halfway point of the Fibonacci retracement line for the decline from the $2.53 peak to the $2.354 low.
Currently, the price has moved beyond the $2.350 mark and surpassed its 100-hour Simple Moving Average. Moreover, a temporary bullish trend line is emerging with support at $2.380 on the hourly chart of the XRP/USD pair, indicating a potential short-term upward trend.
Looking on the positive side, there could be a potential obstacle for the price increase at approximately $2.465. This is because it closely aligns with the 61.8% Fibonacci retracement point of the downward trend that started from the $2.53 peak and ended at $2.354 trough. The initial significant resistance may be found around $2.50.
Moving forward, if we surpass the current barrier at $2.550, it could push the price up towards the next potential obstacle at $2.650. Further increases could potentially take us to the resistance levels of $2.720 or even $2.750 in the short term. However, a significant challenge for the bulls may come at around $2.880 in the long term.
Another Drop?
If XRP doesn’t manage to surpass the $2.465 barrier, there might be a further drop. A potential floor for this decline could be around $2.380. The significant support level lies around $2.350.
Should a sharp drop occur and the price falls below $2.350, it could potentially lead to further decreases towards the $2.280 support level. A significant support lies in the vicinity of the $2.20 region.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.380 and $2.350.
Major Resistance Levels – $2.4650 and $2.50.
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2024-12-16 07:16