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XRP Price Prediction For December 22
As the cryptocurrency market continues to experience a bearish trend, Ripple’s XRP has dropped significantly. At the time of writing, it is trading at $2.22, down by more than six percent from its previous levels.
The price action indicates that XRP might be in the midst of a correction following its strong rally earlier this month. The recent downturn could either be part of a larger corrective pattern or an extended sideways movement.
Potential Scenarios
There are two possible scenarios for XRP’s future trajectory:
1. If the cryptocurrency remains above the critical support level at $1.96, it may enter a consolidation phase. In such a scenario, traders should keep a watchful eye on the price action to identify any potential reversal points or continuation patterns.
2. Alternatively, if the price drops below the aforementioned support zone, it could trigger further selling pressure, potentially leading to a deeper correction in the range between $1.39 and $1.80.
Resistance Levels
The immediate resistance for XRP lies between $2.30 and $2.53. If the price reaches this level, it may encounter selling pressure and potentially reverse its direction. Traders should exercise caution if the price approaches this area.
Consolidation Phase
It is possible that XRP could be in the midst of a consolidation phase, where the price moves sideways within a defined range. This scenario assumes that the recent rally was a corrective move, and the market will now continue to trade sideways until further confirmation is provided. If XRP remains above the critical support level at $1.96, it may eventually test the resistance zone between $2.30 and $2.53.
Downside Risk
However, if XRP breaks below this key support level, it could initiate a deeper correction in the range of $1.39 to $1.80. This is a crucial level that traders should closely monitor for any potential reversal.
In conclusion, it is essential to stay vigilant and keep a close eye on the price action, as there are multiple scenarios playing out in the market currently.
Source: coinpedia.org
