This article is also available in Spanish.
The price of XRP is It is consolidating just below the $1.4 mark, But the technical structure continues to show upward strength. Interestingly, XRP fell by about 4.35% over the past 24 hours, reaching a 24-hour low of $1,296, according to Coinmarketcap data.
According to XRP analysis on TradingView, the technical setup still points to continued price increases. Analysis suggests that XRP could rise soon, with the near-term price target set at $1.90.
The upward trend in XRP prices continues
The XRP price surge earlier this month was completely unprecedented. In particular, the price of XRP rose from its low of $0.4976 on November 3 to It reaches a three-year high of $1.6 On November 23. This means a price increase of 220% in more than 20 days.
Related reading
However, since hitting a three-year high, XRP has entered a correction phase, falling by almost 20%. Despite this price correction, XRP traded largely above a major trend line that supported the price during the journey higher.
As it is, Technical analysis It appears that XRP price is about to bounce or break below this trend line, which could lead to a price path forming or doing so from here. Holding this major trend line will cause XRP to bounce to the upside, as it did on November 24. After bouncing at this point, XRP continued from the low of $1.2775 to retest the $1.54 price level again on November 24.
Now, with the XRP price retesting this key trend line, the most bullish option is an immediate bounce to the upside. A breakout to the upside will cause XRP to resume its uptrend up to the $1.9 price level. With this in mind, the analyst emphasized critical price areas that could shape XRP’s trajectory in the coming sessions. The range between $1,520 and $1,620 has been identified as a crucial area where the price could face strong resistance in the coming sessions.
Related reading
What’s next for XRP?
At the time of writing, XRP is trading at $1.39 and is still trading around this major trend line. However, the price is yet to show a decisive bounce from this level. In particular, the current price action indicates continued consolidation in the past few hours.
As the price of XRP continues to show signs of an uptrend, there is potential for it to occur Break to the downside. This bearish breakout will be highlighted by a daily close below $1.38. If this happens, XRP will likely continue its decline by retesting the next important support at $1.32.
Featured image created with Dall.E, chart from Tradingview.com
Comments are closed, but trackbacks and pingbacks are open.