How will the XRP price move on December 3?
Ripple's XRP has been surging recently, breaking the $2 mark and continuing to climb. Given this momentum, it seems to be heading towards the next price target. However, XRP is currently facing a slight obstacle.
XRP encounters resistance at $2
Just yesterday, for a brief moment, XRP's price soared, directly surpassing $2. Analyst Josh from Crypto World mentioned that once XRP crosses this hurdle, it will likely surge upwards. The next challenge is $2.5, which XRP is approaching. If it breaks through $2.5, the next target would probably be $2.75, considering the price trend before January 2018, when XRP was also trading around this price level. As of now, XRP has already risen over 11%, nearing $2.73.
The $3 threshold: a psychological barrier and Fibonacci
Looking further ahead, XRP's next major target is $3. This price level is not only a psychological barrier but also the key point of the Fibonacci extension at 1.618. For many traders, $3 is a milestone, and XRP may face challenges here.
That said, to reach $3, XRP needs to first surpass the hurdles of $2.5 and $2.75. These two price levels are crucial as they will determine whether XRP continues to rise or needs to correct.
Where to watch for a correction?
If a correction occurs, traders need to focus on two support levels. The first is $2, which has already withstood several declines. If the correction is more severe, the next support level would be around $1.6, which used to be a resistance level and might turn into a support level.
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