📊 Current Scenario of $XRP - December 20, 2024
Current Price
XRP is currently trading at $2.27, down 6.7% from its previous close and 10.07% on the day, reflecting challenging market conditions and regulatory uncertainties.
🔑 Support and Resistance Levels
• Support:
• $2.33: Critical level; below this, support remains at $2.27 and $2.13, aligned with the 161.80% Fibonacci extension.
• These levels indicate the possible end of the corrective phase of Wave C (Elliott Wave).
• Resistance:
• Short term: $2.70, $2.78 and $2.85.
• Main zone: Between $2.90 and $3; breaking it could trigger a strong upward movement.
📈 Technical Analysis and Outlook
• Bullish Flag:
The pattern identified on the daily chart suggests a rally to the $4.90–$5 range in the short to medium term, as long as the support at $2.33 is held.
• Fibonacci Levels:
After reaching the 261.8% extension level, XRP finds new targets at $2.92 (+27.5%) and $3.99 (+80%).
• Market Sentiment:
Sentiment is neutral to bullish, with 59% of technical indicators positive. The Fear & Greed Index is at 81 (extreme greed), signaling a buoyant market, but with a risk of overvaluation.
📊 Volumes and Market Capitalization
• Volumes: +53.72% increase in trading.
• Market capitalization: Up to $145 billion, surpassing USDT, driven by institutional accumulation and increased market activity.
XRP is in the spotlight! It remains to monitor the critical levels and prepare for possible explosive movements.