XRP Price Climbs Back: Is This The Start of a Bigger Move?
December 10 2024 - 10:08PM
NEWSBTC
XRP price found support near the $1.90 zone. The price is
recovering losses and the bulls might soon aim for a move above the
$2.35 resistance zone. XRP price started a fresh decline below the
$2.25 zone. The price is now trading below $2.320 and the
100-hourly Simple Moving Average. There was a break above a
connecting bearish trend line with resistance at $2.22 on the
hourly chart of the XRP/USD pair (data source from Kraken). The
pair might start another increase if it clears the $2.36
resistance. XRP Price Eyes Fresh Surge XRP price extended its
decline below the $2.30 level like Bitcoin and Ethereum. There was
a move below the $2.20 and $2.050 levels. The price even dived
below the $2.00 support. A low was formed at $1.898 and the price
is now correcting some losses. There was a move above the $2.20
level. The price climbed above the 50% Fib retracement level of the
downward move from the $2.64 swing high to the $1.898 low. Besides,
there was a break above a connecting bearish trend line with
resistance at $2.22 on the hourly chart of the XRP/USD pair. The
pair even spiked above the 61.8% Fib retracement level of the
downward move from the $2.64 swing high to the $1.898 low. However,
the bears are active below the $2.40 level. The price is now
trading below $2.320 and the 100-hourly Simple Moving Average. On
the upside, the price might face resistance near the $2.36 level.
The first major resistance is near the $2.40 level. The next
resistance is $2.475. A clear move above the $2.4750 resistance
might send the price toward the $2.550 resistance. Any more gains
might send the price toward the $2.650 resistance or even $2.720 in
the near term. The next major hurdle for the bulls might be $2.880.
Another Decline? If XRP fails to clear the $2.360 resistance zone,
it could start another decline. Initial support on the downside is
near the $2.150 level. The next major support is near the $2.050
level. If there is a downside break and a close below the $2.050
level, the price might continue to decline toward the $1.880
support. The next major support sits near the $1.750 zone.
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 above the 50 level. Major
Support Levels – $2.1500 and $2.0500. Major Resistance Levels –
$2.3500 and $2.4750.
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