XRP Price Winning Streak: Is More Upside on The Horizon?
December 11 2024 - 10:08PM
NEWSBTC
XRP price started a strong increase above the $2.25 resistance
zone. The price is up over 10% and might aim for a move above the
$2.50 resistance zone. XRP price started a fresh increase above the
$2.25 zone. The price is now trading above $2.30 and the 100-hourly
Simple Moving Average. There was a break above a key bearish trend
line with resistance at $2.215 on the hourly chart of the XRP/USD
pair (data source from Kraken). The pair might start another
increase if it clears the $2.475 resistance. XRP Price Starts Fresh
Increase XRP price started a decent upward move above the $2.20
level, beating Bitcoin and Ethereum. There was a move above the
$2.25 and $2.30 resistance levels. During the increase, there was a
break above a key bearish trend line with resistance at $2.215 on
the hourly chart of the XRP/USD pair. The pair was able to surpass
the 61.8% Fib retracement level of the downward wave from the $2.64
swing high to the $1.899 low. However, the bears are active below
the $2.475 level. It coincides with the 76.4% Fib retracement level
of the downward wave from the $2.64 swing high to the $1.899 low.
The price is now trading above $2.350 and the 100-hourly Simple
Moving Average. On the upside, the price might face resistance near
the $2.45 level. The first major resistance is near the $2.4750
level. The next resistance is $2.50. A clear move above the $2.50
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 Pullback? If XRP fails to clear the $2.475
resistance zone, it could start another decline. Initial support on
the downside is near the $2.280 level. The next major support is
near the $2.20 level. If there is a downside break and a close
below the $2.20 level, the price might continue to decline toward
the $2.080 support. The next major support sits near the $2.00
zone. 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 – $2.280 and $2.200. Major Resistance Levels –
$2.4750 and $2.6450.
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