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Home»Analysis»XRP Price Remains Above Support: Preparing for the Next Move?
Analysis

XRP Price Remains Above Support: Preparing for the Next Move?

2024-12-06No Comments3 Mins Read
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The XRP price remained within a range below the $2.50 zone. The price is consolidating above USD 2.150 and could aim for a fresh rise above the USD 2.40 level.

  • The XRP price started falling again and traded below the $2.40 level.
  • The price is now trading below $2.40 and the 100-hourly Simple Moving Average.
  • A major bearish trendline is forming with resistance at $2.38 on the hourly chart of the XRP/USD pair (Kraken data source).
  • The pair could rise again if it breaks the $2.40 resistance.

XRP price consolidates above support

The XRP price started declining again after it failed to cross the $2.50 resistance zone, unlike Bitcoin and Ethereum. There was a move below the USD 2.40 and USD 2.30 levels.

However, the bulls remained active above the last low and supported at $2.15. The price is now moving higher and is trading above $2.20. It tests the 23.6% Fib retracement level of the recent decline from the $2,866 swing high to the $2,166 low.

The price is now trading below $2.40 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 2.35 level. There is also a major bearish trendline forming with resistance at $2.38 on the hourly chart of the XRP/USD pair.

The first major resistance is around the $2.40 level. The next resistance is at $2.50. It is close to the 50% Fib retracement level of the recent decline from the $2,866 swing high to the $2,166 low.

XRP price

A clear move above the USD 2.50 resistance could send the price towards the USD 2.650 resistance. Any further gains could send the price towards the near-term resistance at $2.70 or even $2.850. The next big hurdle for the bulls could be $3.00.

See also  XRP - Price loss, but buyers keep land - is there a rebound?

Another drop?

If XRP fails to break the USD 2,380 resistance zone, it could trigger another decline. The initial downside support is near the $2,200 level. The next major support is near the $2,150 level.

If there is a downside break and a close below the $2,150 level, the price could continue falling towards the $2,050 support and the trendline. The next major support is near 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 – USD 2.2000 and USD 2.1500.

Major resistance levels – $2.3800 and $2.5000.

Source link

Move Preparing Price Remains Support XRP
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