Key Levels to Watch
🔼 Resistance:
$2.40 (0.786 Fibonacci): Immediate resistance. A breakout above this could target higher levels like $2.65–$2.93.
$2.93 (1.0 Fibonacci Extension): The swing high and ultimate bullish target for continuation.
$3.00: Psychological level
🔽 Support:
$2.06–$2.00 (0.618 Fibonacci): Critical and support zone. A breakdown here could start a fall towards $1.68 (0.5 Fibonacci).
$1.98 (Psychological Level): Aligns with prior rejections and forms the lower consolidation boundary.|
Current Observations
📈 Trend Overview:
Price is consolidating between 0.618 ($2.00) and 0.786 ($2.40) Fibonacci levels.
EMAs reflect indecision: Price is sandwiched between the 20 EMA (orange) and 50 EMA (blue), but 100 EMA and 200 EMA are sloping upward, indicating a bullish trend on higher timeframes.
📊 Indicators:
RSI: Neutral (~50), signaling no strong momentum yet. Watch for a breakout above 60 for bullish confirmation or below 40 for bearish momentum.
Volume: Decreasing during consolidation, signaling potential buildup for a larger move.
Trade Scenarios
💹 Bullish Setup:
Entry: On breakout above $2.40 with strong volume.
Stop-Loss: Below $2.30 (to avoid false breakouts).
Take-Profit:
First target: $2.65
Second target: $2.93
📉 Bearish Setup:
Entry: On breakdown below $2.00 (0.618 Fibonacci).
Stop-Loss: Above $2.10.
Take-Profit:
First target: $1.68 (0.5 Fibonacci).
Second target: $1.39 (0.382 Fibonacci).
Summary
XRP is currnelty consolidating. Bulls need a breakout above $2.40 for further grow to $3.00, while bears could take over, if the price breaks below $2.00.
P.s. Whales are buying XRP:
25.12.2024 - price is 2.29 and 5.07B buying.
vs 03.12.2024 - price is 2.87 and approx. 4.67B buying.
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👉Keep an eye on the charts and your portfolio, and remember: DYOR -Crypto is always changing, so stay informed before jumping in! 🚀💸