As an analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. Currently, XRP is showing signs of stability above the crucial $2.20 support zone, which is a positive sign given the volatility we often see in this space. However, it’s trading below both the 100-hourly Simple Moving Average and the $2.40 resistance, which could potentially limit its upward momentum.
The price of XRP has held steady above the $2.20 support level, indicating it could be preparing to rise further beyond the current $2.40 resistance point.
- XRP price remained stable above the $2.20 zone.
- The price is now trading below $2.40 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.35 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 Stays Above $2.20
The value of XRP consistently stayed above the $2.20 barrier, which contrasted with Bitcoin and Ethereum. A minimal point was reached at $2.17, following which the price fluctuated within a bracket below $2.40.
The price has slightly risen above the $2.25 and $2.30 points, surpassing the 23.6% Fibonacci retracement line of the decline from the peak at $2.720 to the low at $2.171. Currently, it’s trading below $2.40 and the 100-hour Simple Moving Average.
From a positive perspective, it’s possible that the price may encounter resistance around the $2.35 region. Additionally, a potential bearish trend line is developing on the hourly chart for the XRP/USD pair, with the resistance level set at $2.35 as well.
As an analyst, I’m observing that the first significant barrier lies around the $2.40 mark. Following this, there are two potential resistance levels: the second is at $2.45 or the 50% Fibonacci retracement level from our fall between the $2.720 peak and the $2.171 trough. A decisive break above $2.45 could potentially push the price up to a further resistance at $2.50, with additional gains possibly taking us towards the $2.550 or even $2.620 resistance levels in the short term. The next substantial challenge for the bulls could be at $2.80.
Are Dips Limited?
Should XRP not manage to break through the $2.40 resistance area, there’s a possibility it might initiate another drop. A potential first line of defense on the lower side lies around $2.25. If this level fails to hold, the next significant support can be found near $2.20.
As an analyst, if the market experiences a downturn with a break below the $2.20 mark and follows through with a close below that level, I anticipate further potential declines in the price. A significant support level can be found around the $2.050 region. The next substantial support, however, is located in the vicinity of the $2.00 zone.
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 – $2.20 and $2.050.
Major Resistance Levels – $2.35 and $2.40.
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2024-12-20 07:16