RIPPLE PRICE ANALYSIS & PREDICTION (December 18) XRP Regains Strength As It Foots Fresh Increase, Incoming Break
As Bitcoin and Ethereum post minor gains since last weekend, Ripples XRP joined the league and increased by 12% in the last 24 hours. It currently looks set for another upsurge following a bounce back.
During the last bullish rally, XRP encountered resistance and quickly took a downturn after rejecting the key $3 level earlier this month. This led to a notable reduction and the price retraced to a low of $1.9, producing a sizeable discount for the bulls.
Following a sharp bounce, the low level held as support and the price increased well above $2. Currently, it is priced at $2.6 due to a notable gain in the past few days. The bulls appeared back in action as they aim to claim more highs in the coming days.
Currently, buying volume looks relatively low on the daily chart. A steady increase in the demand level could fuel a huge explosion capable of rallying the price to a new all-time soon.
The previous high is an important level to watch for a break-up. Failure to break higher could result in a brief consolidation, causing a temporal halt in the existing bullish trend before rallying up. On the other hand, a breakdown from there could bring a setback in the market.
Looking at the market structure from a technical standpoint, XRP is poised for a fresh increase. If this buy signal comes into play, we can expect a massive run-up in the next few days. The overall market still looks bullish, with a 15% gain weekly.
XRPs Key Level To Watch
Flipping through the previous high of $2.9, it may encounter resistance at $3.3 (the current all-time high) before testing $3.7 and $4. If the volume increases, it may end this phase at $5.
If XRP rolls back under $2, it may revisit the recent $1.9 support. Breaking lower could trigger more drops into the $1.63 and $1.28 range.
Key Resistance Levels: $2.9, $3.3, $3.7
Key Support Levels: $1.9, $1.63, $1.28
- Spot Price: $2.62
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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Text source: NullTX
