XRP Price Action Analysis – December 2024
As we move through December 2024, XRP (Ripple) is experiencing a strong bullish momentum, trading at a significant new level of $2.30. This surge follows a year of resilience, overcoming both market volatility and regulatory hurdles. XRP’s recent price action has been largely driven by Ripple's expanding use case in cross-border payments and the increasing institutional adoption of its technology.
Despite this positive trend, the market remains volatile, and while some analysts are optimistic about XRP's continued rise, others remain cautious. Some price predictions estimate that XRP could reach new highs by the end of the month, possibly reaching $2.50 - $3.00, while others suggest that a more modest target of $2.00 remains achievableCointribune.
The immediate support level for XRP is at $2.00, which has proven to be a strong zone in the past. If the price dips below this level, traders could expect a retest of the support before any further movement. Conversely, if XRP can hold above $2.30, it could continue its ascent, with key resistance targets above $2.50.
Trade Setups
Bullish Scenario:
Entry Point: If XRP holds above the $2.30 resistance, it could signal a continued rise. A break above $2.50 would be a strong confirmation for a bullish move toward $3.00.Target Price: Set an initial target of $2.50, with a secondary target of $3.00 if the bullish trend continues.Stop Loss: Place a stop loss around $2.00, below the support level, to manage risk in case of a reversal.
Bearish Scenario:
Entry Point: If XRP fails to hold the $2.30 level and drops below $2.00, traders should look for a potential short position.Target Price: In this case, a retest of $1.80 could be the next support level to watch.