XRP, one of the leading cryptocurrencies in the market, is currently at a critical juncture as its price action nears the culmination of a Bull Flag structure on the daily chart.
Prominent cryptocurrency analyst Dark Defender (@DefendDark) recently shared an in-depth technical analysis, highlighting the significant resistance and support levels that will determine the next phase of XRP’s price movement.
Hi all.
We gave XRP 24 hours on 11-Dec, almost 40 hours since then.
Well, $XRP will decide where to go max. by tomorrow.
There is no room left on the current Bull Flag.
Resistances: $2.42, $2.52, $2.72, $5.85
Supports: $2.29, $2.24, $2.10, $2.02 #XRPArmy #Ripple pic.twitter.com/lHVFKxQIMn
— Dark Defender (@DefendDark) December 13, 2024
According to the analysis, the Bull Flag, a continuation pattern indicating potential upward momentum, has reached its narrowing apex. With minimal room left for price consolidation within this pattern, a breakout or breakdown appears imminent. Dark Defender noted that XRP must make its decisive move as the formation cannot persist much longer without resolution.
Key Resistance and Support Levels
Dark Defender identified critical resistance levels that XRP must overcome to continue its upward trajectory. These include $2.42, $2.52, $2.72, and the major long-term resistance at $5.85. These levels will likely act as barriers if bullish momentum accelerates, requiring significant buying pressure to break through.
On the downside, XRP has several support levels that could prevent a bearish breakdown. These levels include $2.29, $2.24, $2.10, and $2.02. If the price falls below these levels, the current bullish outlook could shift to bearish sentiment, with traders potentially reevaluating their positions.
Despite some bearish predictions , XRP has stayed above these support levels, currently trading at $2.37. The analyst noted that the asset’s closing price on December 14 could determine its direction.
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Other Technical Indicators and XRP’s Future
The chart indicates that XRP has been consolidating within the Bull Flag since its sharp rally in November. While the Ichimoku Cloud beneath the price adds a layer of support, the narrowing consolidation signifies increasing pressure on the price to break out in one direction.
The daily trading volume and overall market sentiment will likely play a pivotal role in determining whether XRP breaks upward or downward. Historically, Bull Flags tend to resolve in the direction of the preceding trend, suggesting a higher probability of an upward breakout. However, external factors could influence the outcome.
XRP’s recent rally has been driven by increasing market confidence and the optimism surrounding its future under Donald Trump’s administration. If it can break above $2.72 and reclaim its recent peak of $2.86, it could trigger the price surge that Dark Defender and other analysts have predicted multiple times, and send the asset toward higher targets.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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