XRP's price is consolidating below $1.4, but the technical structure continues to show bullish momentum. Interestingly, according to Coinmarketcap data, XRP has dropped approximately 4.35% in the past 24 hours, reaching a low of $1.296 in that time.
According to XRP analysis on TradingView, technical setups still point to a continued price increase. Analysis indicates that XRP may soon rise further, with a recent price target set at $1.90.
XRP's price bullish momentum continues
The surge in XRP's price earlier this month was unprecedented. Specifically, XRP's price skyrocketed from a low of $0.4976 on November 3 to a three-year high of $1.6 on November 23. This means the price increased by 220% within just over 20 days.
However, since reaching a three-year high, XRP has entered a phase of adjustment, retracting nearly 20%. Despite the price pullback, XRP's trading price remains primarily above the major trend line, which has supported XRP's price during the upward process.
Currently, technical analysis shows that XRP's price is about to either rebound from this trend line or break below it, which could determine its price trajectory. If it follows this major trend line, XRP will rebound upward, similar to what occurred on November 24. After rebounding at this point, XRP continued to bounce back from a low of $1.2775 and retested the price level of $1.54 on November 24.
Now, as XRP's price retests this major trend line, the more bullish option is an immediate rebound. A breakout above the upward trend will allow XRP to resume its upward trend, reaching price levels as high as $1.9. In light of this, analysts have emphasized key price areas that could influence XRP's future movements. The range between $1.520 and $1.620 has been identified as a key area where the price may encounter strong resistance in the coming trading days.
What’s next for XRP?
At the time of writing, XRP's trading price is $1.39 and is still trading near this major trend line. However, the price has not yet shown a decisive rebound from this level. Specifically, the current price trend suggests that the price has been consolidating over the past few hours.
Although XRP's price continues to show bullish signs, there remains the possibility of a downward breakout. If the daily closing price falls below $1.38, it indicates that XRP's price will experience a downward breakout. If this occurs, XRP may continue its downward trend and retest the next significant support level at $1.32.
