XRP Rally Continues—Another Moonshot on the Horizon?
XRP is approaching a critical resistance zone at $2.65, with short-term oscillators and moving averages presenting mixed signals.
After bouncing from a low of $1.898 on December 10, XRP is consolidating around $2.40, but volume has tapered, suggesting a pause in the rally. The 20-period and 30-period exponential moving averages (EMAs) offer support, while the 10-period simple moving average (SMA) signals near-term selling pressure. On the 1-hour chart, resistance between $2.47 and $2.50, along with neutral RSI, indicates potential for either a breakout or retracement.
Despite these short-term uncertainties, XRP’s long-term trend remains bullish. The rally from a $0.5141 low has formed a higher low at $1.898, supported by key EMAs like the 200-period and 100-period. However, declining volume and neutral oscillators suggest that momentum may be waning. If XRP breaks above $2.65 with strong volume, it could push toward $2.90, but failure to do so could lead to a retracement to support levels around $2.20 or even $1.898, with a breakdown below $2.10 indicating a deeper correction.
Clever Robot News Desk 12th December 2024
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