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XRP Price Drops to Crucial Support: Can It Stage a Turnaround?

Sergio Gruber by Sergio Gruber
December 18, 2024
in Crypto, News
Reading Time: 2 mins read
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XRP Price Drops to Crucial Support: Can It Stage a Turnaround?
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Recent Developments in XRP Price Movement

The XRP price has recently embarked on a downward trajectory, sliding below the critical $2.350 mark. This shift has seen the price retesting the $2.20 support zone, and currently, the digital currency is making attempts to initiate a recovery wave.

  • XRP price began a fresh decline from the $2.720 zone.
  • The current trading value is below $2.50, also beneath the 100-hourly Simple Moving Average.
  • An emerging bearish trend line is evident with resistance at $2.45 on the hourly chart of the XRP/USD pair, as per Kraken data.
  • The pair might witness a renewed increase if it successfully surpasses the $2.40 resistance level.
blockdag 70m

The Plunge to $2.20: A Closer Look

XRP’s attempt to break past the $2.50 mark was unsuccessful, prompting a fresh decline, mirroring movements seen in Bitcoin and Ethereum. This downturn saw the price drop below the $2.45 and $2.40 thresholds.

The decline exceeded 5%, with a significant dip below the $2.320 support level, eventually spiking under the $2.20 support. A low point was recorded at $2.171, from which the price is now attempting to recover. Notably, there has been an upward correction past the $2.250 level.

The price managed to clear the 23.6% Fibonacci retracement level from the downward movement between the $2.720 swing high and the $2.171 low. However, it continues to trade below $2.50 and remains under the 100-hourly Simple Moving Average.

Resistance Levels and Future Projections

On the upward path, XRP might encounter resistance around the $2.40 mark, with the first significant resistance approximately at $2.450. An emerging bearish trend line is forming resistance at $2.45 on the hourly chart of the XRP/USD pair. This trend line is nearly aligned with the 50% Fibonacci retracement level from the $2.720 swing high to the $2.171 low.

The subsequent resistance level is at $2.50. Should there be a decisive move beyond the $2.50 resistance, we could see the price advancing toward the $2.55 resistance. Further gains may propel the price toward $2.620 or even $2.80 in the near future. The next significant challenge for bullish traders could be the $3.00 mark.

Assessing Support Levels: Are Dips Sustainable?

If XRP struggles to break through the $2.40 resistance zone, it could be poised for another downturn. Initial support on the downside is anticipated near the $2.25 level, with the next key support positioned around $2.20.

Should there be a downward breach and closure below the $2.20 level, the price may continue its decline toward the $2.050 support. Beyond this, the next major support is likely near the $2.00 zone.

Technical Indicators

  • Hourly MACD: The MACD for XRP/USD is presently losing momentum within the bearish zone.
  • Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now positioned below the 50 mark, indicating waning momentum.

Key Support and Resistance Levels

  • Major Support Levels: $2.20 and $2.050
  • Major Resistance Levels: $2.40 and $2.450

As the market continues to evolve, keeping a close eye on these levels and indicators will be crucial for traders and investors looking to navigate the XRP landscape effectively.

Tags: rippleXRPBTCXRPUSDxrpusdt
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Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

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