Will XRP's price repeat the drastic drop of 2018?
Here comes the key point:
XRP has risen more than 75% in the past few days, now it's over 2 dollars.
It has broken through the monthly resistance at 0.688 dollars, where it had been consolidating.
Now the price might hit a bump at 2.5 dollars or 3 dollars; whether it will plummet like in 2018 is hard to say.
What’s next for the XRP price?
Once XRP reached 2.2 dollars, it started to rise. It is now trying to break the 2.5 dollar resistance, but may need to consolidate first.
XRP price faces resistance
As we mentioned before, XRP has surged to over 1.2 dollars. By November 2024, the price stabilized and broke through the monthly resistance at 0.688 dollars, now the 1.5 dollar level is also not a barrier.
The price has gone past 1.6 dollars and 1.8 dollars. In the past few days, XRP has risen over 75%, outpacing Bitcoin and Ethereum. From a high of 1.967 dollars to a low of 0.287 dollars, the 76.4% Fibonacci retracement level is higher than the current price.
XRP's price is now above the 2 dollar resistance and the 50-month moving average (the blue line). The bulls need to push past 2.5 dollars.
From the high of 1.967 dollars to the low of 0.287 dollars, the 1.236 Fibonacci extension level is a resistance. If the bulls can't push above 2.5 dollars, a correction is likely. Previously, prices have dropped sharply after rising, like in 2018 at 3.2 dollars and in 2021 at 1.95 dollars.
If a correction occurs, 2.2 dollars might be a buying point. The first support level is 2 dollars or the recent pivot area (last high of 1.9637 dollars).
If it falls below 2 dollars, it could drop to 1.78 dollars, with major support at 1.55 dollars. If the bears push the price below 1.55 dollars, it will likely continue to fall, possibly to 1.2 dollars.
Can it still rise?
Of course, XRP could continue to rise. Immediate resistance is at 1.48 dollars. The first major resistance is at 2.5 dollars. To go higher, it needs to break through 2.5 dollars. The next key resistance is at 3 dollars.
If it indeed rises, closing above 3 dollars may lead to a push towards 3.2 dollars, or even a new high. If it continues to rise, it might need to test 3.5 dollars.
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