Key Takeaways:
XRP price is consolidating gains above the $2.20 support zone.
A key contracting triangle is forming with resistance at $2.520 on the daily chart.
The price could start a fresh surge if it settles above the $2.550 resistance zone.
XRP is showing signs of a fresh surge from the $2.20 support. The bulls could soon pump it above $2.55 unless there is a close below $2.00.
XRP Price Remains In Uptrend
After a sharp downside correction, XROP found support near the $1.90 zone. A low was formed at $1.8971 and the price started a fresh increase like Bitcoin and Ethereum. There was a move above the $2.20 and $2.320 resistance levels.
The price surpassed the $2.40 level and remained well above the 50-day simple moving average (blue). It cleared the downside correction’s 50% Fib retracement level from the $2.910 swing high to the $1.8971 low.
XRP price daily chart | Source: TradingView.com
XRP price is now showing positive signs above $2.350, consolidating gains near $2.40. The last couple of candles suggest that the bears are losing steam.
If the bulls gain strength, they could aim for a fresh surge, and it seems like they are just one step away. Immediate resistance is near the $2.520 level. A key contracting triangle is forming on the daily chart with resistance at $2.520.
The triangle resistance coincides with the downside correction’s 61.8% Fib retracement level from the $2.910 swing high to the $1.8971 low. Therefore, a clear move above the triangle resistance could start a fresh surge.
The first major resistance is near the $2.670 level, and the main hurdle is now forming near the $2.90 level. A convincing move and close above the $2.90 resistance zone could send the price toward the $3.150 level. Any more gains might open the doors for a test of $3.20. The next major pivot zone is $3.30, above which the price could surge and test $3.50.
Fundamentally, Ripple is all set to launch RLUSD and will be available on global exchanges starting today. U.S. dollar deposits, U.S. government bonds, and cash equivalents fully back each RLUSD token.
The wait is over: RLUSD launches globally tomorrow!https://t.co/mYcyyX6Vre
— Ripple (@Ripple) December 16, 2024
Another Drop?
Conversely, the XRP price might struggle to surge above the triangle resistance at $2.520. Immediate support is near the $2.35 level. The first major support is $2.250 and the triangle’s lower trend line.
A downside break below the $2.250 support might call for a drop toward the $2.200 support. The main support sits at $2.00. A close below the $2.00 support could spark a sustained downward move. In the stated case, the price might decline, and the $1.40 support zone and the 50-day simple moving average (blue) might be tested.
Overall, the XRP price is consolidating gains above the $2.20 support. The price could surge if it clears the $2.520 and $2.550 resistance levels.
