Ripple trades mildly bearish below the 50.0% Fibonacci retracement level, with immediate support at $2.1. If sellers push the XRP prices below this support, the next bearish target could be $2.0.
Ripple Technical Analysis – 20-December-2024
As of this writing, XRP/USD trades at approximately $2.2, nearing the 23.6% Fibonacci support level, and has lost 2.4% of its value compared to yesterday’s close price.
The Awesome Oscillator histogram is red, below zero, hinting that the bear market should prevail. Additionally, the Stochastic Oscillator records show 36 in the description, meaning Ripple is not oversold, so the current downtick in momentum should resume.
Overall, the technical indicators suggest the primary trend is bearish and should resume.
Ripple Risks a Bearish Wave if Support Fails at 2.14
The immediate support that kept the prices from falling further was $2.14. From a technical perspective, the bearish wave will likely be triggered if Ripple dips below this support. In this scenario, the XRP/USD could decline toward the $2.0 mark.
The Bullish Scenario
Please note that the bearish outlook should be invalidated if the cryptocurrency in discussion climbs above the immediate resistance of $2.41. If this scenario unfolds, the bull’s path to the 78.6% Fibonacci resistance level at $2.69 could be paved.