XRP Price Sets Stage for Bullish Continuation: What’s Next?

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As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen countless bull runs and bear markets. The current surge in XRP price is reminiscent of the days when Bitcoin was just breaking the $1 mark.

Initially, the value of XRP surged past the $2.40 barrier, marking a new rise. Currently, it’s holding steady, potentially preparing to push beyond the next resistance at $2.450.

  • XRP price started a fresh increase above the $2.35 zone.
  • The price is now trading above $2.350 and the 100-hourly Simple Moving Average.
  • There is a short-term bullish flag forming with resistance at $2.40 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might start another increase if it clears the $2.45 resistance.

XRP Price Eyes Another Increase

Initially, the value of XRP rose significantly beyond the $2.25 mark, outperforming both Bitcoin and Ethereum. Subsequently, it managed to break through the obstacles at $2.32 and $2.40, signifying a strong upward momentum.

Initially, the cost surged beyond $2.45, but then bears emerged, causing a peak at $2.480. Now, the price is stabilizing following its growth spurt. There was a slight dip below $2.40, and the value recently dipped to test the 23.6% Fibonacci retracement line of the rise from the $1.899 trough to the $2.48 peak.

Currently, the XRP/USD pair’s price is above $2.350 and higher than its 100-hour moving average. As it moves upward, potential resistance may be encountered around $2.40. Additionally, a short-term bullish trend line, or flag, is forming on the hourly chart, with resistance at the same $2.40 level.

Initially, a significant barrier lies around the $2.450 mark. Following this, the price could encounter another obstacle at $2.50. If the price manages to surpass $2.50, it may push further towards the resistance at $2.550. Any additional gains might propel the price towards the short-term resistances of $2.650 or even $2.720. The biggest challenge for bulls in the upcoming period could be at $2.880.

Another Drop?

Should XRP struggle to surpass the $2.45 barrier, a potential drop might ensue. A possible first line of defense on the lower end lies around $2.30. A significant support could be found at approximately $2.260.

If a drop occurs and the price falls below the $2.260 mark, it could potentially continue to fall towards either the $2.180 support or the 50% Fibonacci retracement level of the upward trend that started at the $1.899 low and peaked at $2.48. The significant next support can be found around the $2.120 area.

Technical Indicators

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

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

Major Support Levels – $2.300 and $2.180.

Major Resistance Levels – $2.450 and $2.50.

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2024-12-13 07:16