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Ripple Price Analysis: What’s Next for XRP Following 8% Weekly Surge?
Author: CryptoVizArt
Last Updated Jan 5, 2025 @ 12:01
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Ripple’s recent weekly surge of 8% has sparked a mix of emotions among investors and analysts alike. The consolidation within the $2-$3 range has been a recurring theme over the past few months, leaving many wondering what this latest price action could imply for XRP’s future trajectory.
XRP Price Analysis
By Shayan
Daily Chart
After failing to breach the critical $3 resistance level, XRP has entered a period of indecision within the decisive $2-$3 range. Throughout this consolidation phase, the cryptocurrency has formed a sideways wedge pattern. Recently, the price found support at the lower boundary near $2, followed by an upward surge toward the upper trendline around $2.3.
A breakout above the wedge’s top boundary could signify further upward momentum, potentially driving XRP towards the $3 resistance level. Conversely, a rejection at this threshold would likely prolong the consolidation phase in the short term.
Source: TradingView
4-Hour Chart
The 4-hour chart highlights a robust support zone defined by the 0.5 ($2) and 0.618 ($1.9) Fibonacci retracement levels. This area has consistently served as the primary barrier for buyers, preventing substantial price declines. XRP rebounded from this region, triggering an influx of buying activity and initiating a bullish reversal.
Despite this recovery, the altcoin remains confined within the $2-$3 range. Buyers are attempting to push the price towards the upper boundary, but a valid breakout is essential to determine its next major move. Until such a breakout occurs, heightened volatility and continued consolidation can be expected.
Source: TradingView
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Cryptocurrency charts by TradingView.
Tags: Ripple (XRP) Price
Source: cryptopotato.com
