XRP Price Fresh Surge: Bulls Gear Up for Action
December 23 2024 - 10:08PM
NEWSBTC
XRP price remained stable above the $2.10 zone. The price is moving
higher and might aim for a fresh surge above the $2.30 resistance
zone. XRP price is attempting a fresh increase above the $2.20
resistance zone. The price is now trading near $2.25 and the
100-hourly Simple Moving Average. There was a break above a
connecting bearish trend line with resistance at $2.185 on the
hourly chart of the XRP/USD pair (data source from Kraken). The
pair might start a decent increase if it clears the $2.30
resistance. XRP Price Eyes A Comeback XRP price started a fresh
increase from the $2.12 support level, unlike Bitcoin and Ethereum.
There was a decent increase above the $2.15 and $2.20 levels. The
price surpassed the 23.6% Fib retracement level of the downward
move from the $2.383 swing high to the $2.130 low. There was also a
break above a connecting bearish trend line with resistance at
$2.185 on the hourly chart of the XRP/USD pair. However, the bears
were active near the $2.25 and $2.26 levels. The price is now
trading near $2.25 and the 100-hourly Simple Moving Average. On the
upside, the price might face resistance near the $2.265 level. The
first major resistance is near the $2.28 level. It is near the
61.8% Fib retracement level of the downward move from the $2.383
swing high to the $2.130 low. The next resistance is $2.30. A clear
move above the $2.30 resistance might send the price toward the
$2.420 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 $2.680. Another Decline? If XRP fails
to clear the $2.30 resistance zone, it could start another decline.
Initial support on the downside is near the $2.188 level. The next
major support is near the $2.120 level. If there is a downside
break and a close below the $2.120 level, the price might continue
to decline toward the $2.050 support. The next major support sits
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 above the 50
level. Major Support Levels – $2.180 and $2.120. Major Resistance
Levels – $2.28 and $2.30.
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