XRP Price Prediction, What Really Behind XRP Consolidation Phase

Key Takeaways
  • Ripple gains approval from the Central Bank of Ireland as a virtual asset service provider, achieving a regulatory milestone in the country.
  • XRP is looking to bounce back from the $0.5800 support, with potential for an upward movement. A break above the $0.630 resistance could trigger bullish momentum.
  • Despite losing gains for the week and month, XRP is holding steady at the $0.57 level.
21-12-2023 By: Lokesh Gupta
XRP Price Prediction, What Really Behind XRP Consolidation Phase

XRP eyes rebound from $0.570, break past $0.630 signals bullish move.

  • According to Coingabbar Price Analysis, XRP, the 5th largest cryptocurrency, experienced significant volatility during the third week of December.

  • The price exhibited fluctuations, with neither bulls nor bears showing clear dominance.

  • Despite the uncertainty, XRP demonstrated resilience by staying above the psychological support level of $0.6.

  • Aligned with the support trendline of a triangle pattern setup, the horizontal level at $0.6 enhanced the potential for a higher rebound in XRP's price.

  • On December 9th, XRP faced rejection from both the upper trendline of a channel and the psychological resistance at $0.700.

  • Following recent events, XRP is currently trading within a narrow range, maintaining support at the $0.5700 level.

  • On December 18th, XRP found support at the lower end of the triangle pattern, forming a candle with a long shadow.

  • Establishing a base near the $0.5700 level, XRP's price rebounded and successfully closed above $0.6000, hovering around $0.6200.

  • To signal a potential short-term upside rally, it is crucial for XRP to achieve a closing price above the $0.6300 level.

KEY LEVELS :

RESISTANCE LEVEL : $0.6400-$0.6700

SUPPORT LEVEL : $0.6000-$0.5700

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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