CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
coinpedia 2024-12-28 02:31:34

XRP Price Prediction For December 28

The post XRP Price Prediction For December 28 appeared first on Coinpedia Fintech News Ripple’s XRP is currently consolidating on the larger time frame, with no major price correction. Instead, the market is moving sideways, hinting at a period of consolidation within an overall uptrend. At the time of writing, XRP is down by more than two percent and is trading at $2.17. Uptrend Still in Play Despite the current consolidation, the overall trend for XRP is still bullish. The price action looks like a temporary pullback, rather than the start of a downtrend. If the price continues to move upward, it could challenge its all-time high of around $3.25 to $3.30, which also aligns with a critical Fibonacci level. Holding Above the 2021 High A key point to note is that XRP is holding above its 2021 high of $1.96. This is a strong signal of market strength. Maintaining this level is crucial for XRP’s continued positive momentum, and as long as the price stays above this, the market outlook remains favorable. Short-Term Market Behavior: Triangle Formation On the shorter time frame, XRP is currently forming a triangle pattern. While triangle patterns can lead to breakouts in either direction, they are fragile and tend to be less reliable. As a result, there is a possibility of short-term bearish action, but the price could also break to the upside. Key Levels for Risk Management For traders, it’s important to monitor the key support and resistance levels within this triangle. The price must hold above the $1.95 support level to maintain the triangle pattern. If it falls below this point, the likelihood of a bearish move increases, and the triangle scenario may be invalidated. The $1.95 level is the key support for XRP and if the price stays above this, the consolidation pattern is likely to continue. However, if the price drops below this level, we could see a more significant pullback, with the next support areas being around $1.80 to $1.39.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.