How will the XRP price move on December 16?
On December 16, an article predicting the XRP price made its debut on Coinpedia Fintech News.
Currently, the XRP price is still above the $2.4 high, and it’s in the green, meaning it's up. It has remained above the trend line, and recently the cryptocurrency market has been a bit volatile, suggesting it might rise further.
The price has pulled back slightly from its high and may be forming a horizontal triangle, with the market a bit tangled. This triangle is tightening up, so it seems like there will be movement soon.
Remember the support and resistance levels:
Support: Around $2.28 is key, as it’s the bottom edge of the triangle. If it breaks here, it might need to find support between $2 and $2.23.
Resistance: $2.53 is the main checkpoint. If it surpasses this, it might push towards $2.64 to $2.76.
In the case of a rise:
If it breaks $2.53, it indicates that wave C has begun, and it will continue to rise. The targets are around $2.64 and $2.76. However, if it breaks $2.28, a deeper pullback may be necessary.
In the case of a drop:
If the $2.28 line cannot hold, the bullish outlook for the triangle is gone. XRP may need to return to the range of $2 to $2.23.
What analysts say:
Josh, an analyst from Crypto World, states that XRP has broken out of the flag pattern and is currently retesting previous resistance, which has now turned into support. As long as XRP stays above $2.37, the target price for the flag pattern is around $3.79, which could represent a 50% to 60% increase. However, if the price breaks below $2.37, especially below $2.28, the target becomes uncertain.
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