The price has been consolidating lately and a breakout in either direction is anticipated shortly.
If the price manages to go past $2.52 level, then it will likely rally towards $2.63 resistance level.
Following a little pullback earlier this week, major altcoins are recovering positive momentum today. From its weekly low of $1.94 to its present price of $2.40, XRP has made a spectacular rebound, standing out among the top performers. Here we can see a gain of 2.15% in the previous day. As well as a staggering 174% increase in the last 30 days.
A string of encouraging events has restored investor faith in Ripple’s native cryptocurrency, XRP. The most recent development is that Arkham Exchange has officially listed XRP for both spot and perpetual trading pairs, as revealed on December 13.
As Ripple’s token has shown resilience in the face of legal and regulatory hurdles, the continuing surge shows a general market mood supporting it.
Consolidation Phase
According to technical analysis, XRP has just made a strong U-turn from its recent low around $1.90. Which has brought prices potentially close to the upper resistance trendline of the declining channel. Data from CoinGlass also shows that XRP Futures Open Interest has increased by 13%, which indicates that traders are even more excited about the cryptocurrency.
At the time of writing, XRP is trading at $2.40, up 2.15% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 36.64%. The price managed to find support at the $1.94 level on December 10. Post which it witnessed a brief rally. However, this rally was cut short after the price faced strong resistance at the $2.53 level. The price has been consolidating lately and a breakout in either direction is anticipated shortly.
If the price manages to go past $2.52 level, then it will likely rally towards $2.63 resistance level. However, if the price goes below $2.24 level, then it will likely retest $1.94 recent support level.
