XRP Price at Risk: Can Support Levels Hold?
December 22 2024 - 10:08PM
NEWSBTC
XRP price started a fresh decline from the $2.38 zone. The price is
consolidating and might struggle to start a fresh increase above
the $2.30 resistance zone. XRP price struggled to clear the $2.40
resistance zone. The price is now trading below $2.30 and the
100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $2.25 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair might continue
to move down if it stays below the $2.30 resistance. XRP Price
Faces Resistance At $2.40 XRP price started a fresh increase from
the $2.00 support level, unlike Bitcoin and Ethereum. However, the
bears were active near the $2.38 and $2.40 levels. A high was
formed at $2.38 and the price started a fresh decline. There was a
move below the $2.30 and $2.25 levels. The price dipped below the
50% Fib retracement level of the upward move from the $1.955 swing
low to the $2.383 high. There is also a connecting bearish trend
line forming with resistance at $2.25 on the hourly chart of the
XRP/USD pair. The price is now trading below $2.30 and the
100-hourly Simple Moving Average. On the upside, the price might
face resistance near the $2.20 level. The first major resistance is
near the $2.25 level. The next resistance is $2.30. A clear move
above the $2.30 resistance might send the price toward the $2.40
resistance. Any more gains might send the price toward the $2.50
resistance or even $2.550 in the near term. The next major hurdle
for the bulls might be $2.620. More Downsides? If XRP fails to
clear the $2.25 resistance zone, it could start another decline.
Initial support on the downside is near the $2.12 level or the
61.8% Fib retracement level of the upward move from the $1.955
swing low to the $2.383 high. 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 $2.00
support. The next major support sits near the $1.880 zone.
Technical Indicators Hourly MACD – The MACD for XRP/USD is now
gaining pace in the bearish zone. Hourly RSI (Relative Strength
Index) – The RSI for XRP/USD is now below the 50 level. Major
Support Levels – $2.120 and $2.050. Major Resistance Levels – $2.25
and $2.30.
Ripple (COIN:XRPUSD)
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