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๏ปฟAnjali Belgaumkar
๏ปฟAnjali Belgaumkar
Author
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto โEnthusiastโ but trust me I'm getting there.
- Dec 16, 2024 03:27 UTC
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XRP Price Prediction For December 16
XRP holds above $2.40, forming a triangle pattern with key support at $2.28. A breakout above $2.53 could signal gains toward $2.64-$2.76.
Analyst Josh predicts XRP could rise to $3.79 if it stays above $2.37, but a drop below $2.28 would signal a deeper correction.
Rippleโs XRP is currently trading slightly above the $2.40 levels and has slipped into the green zone.XRP is maintaining its position above the upper boundary of the trend channel and recently there has been increased volatility in the crypto market, raising hopes for a possible further move upward.
The price has experienced a shallow pullback since the local top, and this could be forming a sideways triangle pattern, suggesting market indecision. The pattern is narrowing, and a breakout decision is expected soon.
Key Support and Resistance Levels
Support Levels: The key support lies around $2.28 (the internal low of the triangle). A break below this would likely lead to a test of the lower support range between $2 and $2.23.
Resistance Levels: The primary resistance lies at $2.53. A break above this could signal the start of a move toward $2.64 to $2.76.
Bullish Outlook
If the price breaks above $2.53, this would suggest that the C-wave has started, potentially leading to further gains. The target resistance areas are around $2.64 and $2.76. However, a drop below $2.28 could signal a deeper correction.
Bearish Scenario
A break below the red line at $2.28 would invalidate the bullish triangle breakout scenario. In that case, XRP could revisit the lower support levels between $2 and $2.23.
XRP price fluctuation heats up amid Ripple vs SEC drama! Read our long-term XRP price prediction to see whatโs next for Rippleโs token!
Analyst Weighs In
According to analyst Josh of Crypto World, XRP had a bullish breakout from a flag pattern, and itโs now retesting the previous resistance, which has flipped to support. If XRP holds above $2.37, the bullish flag pattern targets a price around $3.79, offering a potential 50-60% upside. This target would only be invalidated if the price drops below $2.37, especially if it breaks below $2.28.
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FAQs
XRP might reach a high of $3.99 or an average of $3.07.
XRP has the potential to hit $5โ$10 long-term, likely during the third or fifth wave of its larger upward cycle.
Yes 
No 
