NewsBTC
13 December 2024
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XRP Price Consolidates Gains, Eyes Move Above $2.450 Resistance

XRP price initiated an increase above the $2.40 resistance zone and is currently consolidating gains, potentially aiming for a move beyond the $2.450 resistance level.

  • XRP price began an upward trend above the $2.35 level.
  • The price is trading above $2.350 and the 100-hourly Simple Moving Average.
  • A short-term bullish flag is forming with resistance at $2.40 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may see further increases if it surpasses the $2.45 resistance.

XRP Price Eyes Another Increase

XRP price moved above the $2.25 mark, outperforming Bitcoin and Ethereum. It surpassed the $2.32 and $2.40 resistance levels.

The price peaked above $2.45 before facing selling pressure, reaching a high of $2.480, and is now consolidating. A minor decline occurred below $2.40, testing the 23.6% Fibonacci retracement level from the $1.899 swing low to the $2.48 high.

Currently, the price remains above $2.350 and the 100-hourly Simple Moving Average. Resistance is anticipated near the $2.40 level, with a short-term bullish flag forming at this point on the hourly chart of the XRP/USD pair.

XRP Price

The first significant resistance is around the $2.450 level, followed by $2.50. A clear breakout above $2.50 could lead the price towards $2.550, with potential gains extending towards $2.650 or even $2.720. The next major resistance for bulls is at $2.880.

Another Drop?

If XRP does not overcome the $2.45 resistance zone, it may enter a downtrend. Initial support is near the $2.30 level, with major support located around $2.260.

A breakdown and close below the $2.260 level could drive the price towards the $2.180 support or the 50% Fibonacci retracement level from the $1.899 swing low to the $2.48 high. Further declines could target the $2.120 zone.

Technical Indicators

  • Hourly MACD: Gaining momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index): Currently above the 50 level.
  • Major Support Levels: $2.300 and $2.180.
  • Major Resistance Levels: $2.450 and $2.50.