Ripple (XRP) bears targeting $2.0 after pushing the prices below the 23.6% Fibonacci level. The cryptocurrency is likely to dip and test the $2.0 support.
Ripple Technical Analysis – 30-December-2024
Ripple has been in a bear market, below the 75-period simple moving average, and has lost 24.0% of its value since December 17. However, the selling pressure escalated after the bears pushed the prices below the 23.6% Fibonacci support level ($2.14).
As of this writing, the cryptocurrency trades at approximately $2.05, aiming for $2.0 support.
The Technical indicators
- The RSI 14 depicts 31.0 in the description and declining, meaning the market is not oversold. Therefore, the downtrend can extend.
- The Stochastic Oscillator shows 22.0 in the description, backing up the RSI 14’s signal.
- The Awesome Oscillator histogram is red, below zero, interpreted as the bear market should prevail.
Overall, the technical indicators suggest that the primary trend is bearish, and XRP/USD has the potential to decline toward lower support levels.
Ripple (XRP) Bears Targeting $2: Downtrend Resumes
The immediate resistance is at $2.24. From a technical perspective, the current momentum remains valid as long as the prices are below $2.24.
If this scenario unfolds, the next bearish target could be $2.0. Furthermore, if Ripple falls below $2.0, the bears’ path to $1.60 could be paved.
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The Bullish Scenario
The immediate resistance is at $2.24. From a technical perspective, the uptrend from $2.0 will likely resume if the value of XRP/USD exceeds $2.24. In this scenario, the next bullish target could be the %50.0 Fibonacci retracement level at $2.41.
Ripple (XRP) Support and Resistance Levels – 30-December-2024
Traders and investors should closely monitor the XRP/USD key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
| Ripple (XRP) Support and Resistance Levels – 30-December-2024 | |||
|---|---|---|---|
| Support | $2.0 | $1.80 | $1.63 |
| Resistance | $2.24 | $2.41 | $2.69 |