As of Dec. 12, 2024, the XRP/USD market reflects a steady consolidation phase across several timeframes, with bulls and bears locked in a tug-of-war at pivotal levels.
$XRP
On Thursday, XRP’s daily chart paints a picture of an earlier uptrend tempered by recent consolidation. Prices climbed from $0.54 to a high near $2.91, encountering a ceiling at this level. A retreat to the $2.20–$2.40 support zone marks a period of stabilization. Should prices breach the $2.91 mark with significant trading volume, the bullish trajectory could resume. Conversely, a fall below $2.20 may hint at deeper corrections. While trading activity spiked during the rally, volumes have tapered off in the consolidation phase, mirroring traders’ indecision.
Zooming in on the 4-hour timeframe, XRP’s price oscillates between $2.20 and $2.65 after a sharp drop and subsequent recovery. The pattern of higher lows near $2.20 highlights support strength, while $2.65 continues to act as a formidable barrier. The muted trading volume during sideways action signals a lull in momentum, though heightened activity near $2.20 or $2.65 could offer some sort of direction.
