XRP continues to get a lot of attention from Ripple’s high-profile legal cases, such as the crucial appeals arguments involving CEO Brad Garlinghouse.
According to market experts, a positive outcome could be a major boost to market sentiment and push XRP beyond important psychological barriers, which could turn things around. Increased whale activity, which indicates long-term confidence among keyholders, is adding to this legal optimism.
XRP price is ranging between $2.00 and $2.90, which experts are looking at as a “pressure zone” where a breakout could occur.
With Ripple’s legal momentum and whales gathering, XRP is now seeing interest from institutional and retail investors, and its goal is to break through higher resistance levels.
XRP Year-End Technical Forecast - December 21, 2024
XRP price has surged 16% in the past day, reaching $2.30 on the market. The high market activity, as evidenced by the $21.36 billion trading volume in 24 hours, supports this rally.
However, XRP is facing a large supply/resistance zone around $2.38, where a declining trend line meets previous support.
Signals from important technical indicators are mixed. Despite some bounce momentum, a Doji candle and a bearish engulfing pattern suggest that there could be selling pressure at $2.38. The 50-day exponential moving average (EMA) is close to the current price, adding support.
With an RSI of 58, we can see that the momentum is neutral with a slight positive bias.
Once the price breaks above $2.38, it could start an uptrend that could take it to $2.45 and beyond. But if we can’t break these barriers, we could see the price reverting to lower support levels like $2.22.