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NewsCryptocurrencies

XRP Price Climbs Back: Is This The Start of a Bigger Move?

NewsBTCDec 11, 2024 5:09 AM

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XRP price found support near the $1.90 zone. The price is recovering losses and the bulls might soon aim for a move above the $2.35 resistance zone.

XRP price started a fresh decline below the $2.25 zone.
The price is now trading below $2.320 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $2.22 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start another increase if it clears the $2.36 resistance.

XRP Price Eyes Fresh Surge

XRP price extended its decline below the $2.30 level like Bitcoin and Ethereum. There was a move below the $2.20 and $2.050 levels.

The price even dived below the $2.00 support. A low was formed at $1.898 and the price is now correcting some losses. There was a move above the $2.20 level. The price climbed above the 50% Fib retracement level of the downward move from the $2.64 swing high to the $1.898 low.

Besides, there was a break above a connecting bearish trend line with resistance at $2.22 on the hourly chart of the XRP/USD pair. The pair even spiked above the 61.8% Fib retracement level of the downward move from the $2.64 swing high to the $1.898 low.

However, the bears are active below the $2.40 level. The price is now trading below $2.320 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.36 level. The first major resistance is near the $2.40 level.

The next resistance is $2.475. A clear move above the $2.4750 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 Decline?

If XRP fails to clear the $2.360 resistance zone, it could start another decline. Initial support on the downside is near the $2.150 level. 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 $1.880 support. The next major support sits near the $1.750 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

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

Major Support Levels – $2.1500 and $2.0500.

Major Resistance Levels – $2.3500 and $2.4750.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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