Key Takeaways:
XRP price is consolidating gains above the $1.250 support.
A bullish flag seems to be forming with resistance at $1.4550 on the daily chart.
The price could start a fresh bullish wave if it clears the $1.450 and $1.50 resistance levels.
XRP bulls
XRP is showing positive signs above $1.300 and $1.250. The price could restart its increase unless the bears push the price below $1.250.
XRP Price Dips To Support
In the last couple of analyses, we saw a major bullish wave in XRP price above the $1.00 level. The bulls were able to pump the price above the $1.250 and $1.50 resistance levels, beating Bitcoin and Ethereum. Finally, the price tested the $1.630 zone.
A high was formed at $1.6308 and the price is now correcting gains. There was a move below the $1.50 and $1.40 levels. The price dipped and tested the 50% Fib retracement level of the recent surge from the $1.0042 swing low to the $1.6308 high.
XRP price daily chart | Source: TradingView.com
XRP price is now stable above the $1.30 support and trading well above the 50-day simple moving average (blue). It seems like there is a bullish flag forming with resistance at $1.4550 on the daily chart.
Immediate resistance sits near the $1.420 level. The first major resistance is near the flag zone at $1.450. To continue higher, the price must clear the $1.450 level. The next key barrier sits near the $1.50 level.
A convincing move and close above the $1.500 resistance zone could send the price toward the $1.6250 level. Any more gains might open the doors for a test of $1.680. The next major pivot zone is $1.750, above which the price could surge and test $2.00.
Recently, Ripple announced the first tokenized money market fund on the XRP Ledger in partnership with Archax (the first FCA regulated digital asset exchange) and abrdn.
Today, in partnership with @ArchaxEx and @abrdn_plc, we’re excited to announce the first tokenized money market fund on the XRP Ledger.With $16T in tokenized assets projected by 2030, this milestone unlocks cost savings and settlement efficiencies by deploying capital markets…
— Ripple (@Ripple) November 25, 2024
More Downsides?
Conversely, XRP price might fail to clear the $1.450 resistance zone and react to the downside. Immediate support is near the $1.320 level. The first major support is $1.30.
A downside break below the $1.30 support might call for a drop toward the $1.2650 support. The main support sits at $1.250 and the 61.8% Fib retracement level of the recent surge from the $1.0042 swing low to the $1.6308 high.
A close below the $1.250 support could spark a sustained downward move. In the stated case, the price might decline and test the $1.00 support zone.
Overall, XRP price is consolidating above $1.30 and $1.250. To start a fresh surge, the price must settle above the $1.450 resistance in the coming days.
The post XRP Price Charts New Territory: Fresh Bullish Wave Incoming? appeared first on CoinChapter.
