XRP Price Prediction, What Really Behind XRP Consolidation Phase
- 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.
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.
