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XRP Price Prediction For December 23
Ripple’s XRP is currently trading in the red and has fallen below the $2.25 mark. The majority of the top 10 coins are trading in the red, including Bitcoin. XRP continues to trade sideways as it remains in a consolidation phase. This range-bound movement is expected to exist as the market works through a correction.
In this article, we will focus on important price levels to monitor for XRP in the coming days.
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Key Support Levels
XRP is currently facing support between $2.24 and $2.21. This range is based on Fibonacci retracement levels, but it’s essential to note that this support is relatively weak and could potentially be broken. The critical level to watch is the $1.94 swing low. As long as XRP stays above this level, the consolidation phase remains intact. However, if the price falls below $1.94, it could signal a shift toward lower support levels.
Potential Lower Support Zone
If XRP fails to hold above the $1.94 level, the next key support zone lies between $1.85 and $1.12. This could be the area where XRP finds strong buying interest if the current consolidation breaks down.
Key Resistance Levels
On the upside, XRP is approaching resistance near the $2.72 level. This price point is crucial because if XRP breaks above it, it could signal a potential rally toward previous highs. If XRP continues to hold its ground and eventually breaks out to the upside, this resistance level could be a significant target.
Triangle Formation: Key Phases
Currently, XRP may be in the D-wave of the triangle formation. This follows the previous A, B, and C waves, with the D-wave potentially developing now, followed by an E-wave, which should form a higher low. If the triangle is valid, XRP could breakout upward once the E-wave concludes, signaling a potential price rise.
In conclusion, we can see that XRP’s current sideways movement is crucial in determining its future direction. As long as it stays above $1.94, there’s still a possibility of a reversal and a potential rally toward previous highs. However, if it breaks below this level, the risk of further decline increases.
Source: coinpedia.org
