NewsBTC
6 December 2024
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XRP Price Remains Below $2.40, Consolidating Above $2.15 Support

XRP price is consolidating below the $2.50 zone, currently trading above $2.150 and potentially aiming for an increase above $2.40.

  • XRP price declined below the $2.40 level.
  • The price is trading below $2.40 and the 100-hourly Simple Moving Average.
  • A key bearish trend line is forming with resistance at $2.38 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may initiate another increase if it surpasses the $2.40 resistance.

XRP Price Consolidation Above Support

XRP price experienced a decline after failing to exceed the $2.50 resistance zone, unlike Bitcoin and Ethereum. The price fell below the $2.40 and $2.30 levels.

Bulls remain active above the support at $2.15, with the price now moving higher and trading above $2.20. It is testing the 23.6% Fibonacci retracement level of the recent drop from the $2.866 swing high to the $2.166 low.

Currently, the price is below $2.40 and the 100-hourly Simple Moving Average, facing resistance near $2.35. The key bearish trend line has resistance at $2.38 on the hourly chart.

The first major resistance is at $2.40, followed by $2.50, which aligns with the 50% Fibonacci retracement level of the recent drop.

XRP Price

A clear move above the $2.50 resistance could propel the price toward the $2.650 resistance. Further gains might see the price reach $2.70 or even $2.850 in the near term, with a significant hurdle at $3.00 for bulls.

Potential Decline

If XRP does not clear the $2.380 resistance zone, another decline may occur. Initial downside support is near $2.200, with major support at $2.150.

A break below the $2.150 level could lead to further declines toward the $2.050 support and trend line, with a subsequent major support level at approximately $2.00.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.

Major Support Levels – $2.2000 and $2.1500.

Major Resistance Levels – $2.3800 and $2.5000.