XRP price movement is under intense scrutiny, with analysts identifying crucial Relative Strength Index (RSI) levels that could shape its future direction. As of now, XRP’s monthly RSI stands at 78.29, signaling strong bullish momentum. However, technical experts are closely watching three key RSI levels—74, 70, and 65—each of which could significantly influence the XRP price trajectory in the short term.
What’s Next For XRP Price?
Crypto analyst Michaël van de Poppe shared his thoughts on XRP’s current consolidation phase. On X, he noted that while the token has slowed down after an explosive rally, the higher timeframe support zones remain important. These levels, according to van de Poppe, offer optimal entry points for investors looking to enter Ripple.
Request 03 – $XRP
Remains the same.
It’s consolidating after an explosive run earlier.
I expect the higher timeframe support zones to be tested again and those are the most optimal ones to get into Ripple. pic.twitter.com/cy47ZEKIRV
— Michaël van de Poppe (@CryptoMichNL) December 30, 2024
The monthly RSI reading at 78.29 suggests that XRP is experiencing a robust bullish phase. Should the RSI continue its upward movement and bounce from this level, analysts expect the indicator could rise to 88 or even higher, confirming sustained upward momentum for XRP. However, a potential dip to the 70 RSI zone could signal a shift toward bearish sentiment. While a dip to 70 would not necessarily mark the end of the bull run, it is considered a critical threshold. A rebound from this zone is essential to maintain the positive outlook for XRP.
The RSI level at 65 is another pivotal marker for XRP price. A dip below this zone could signal a shift to bearish territory, prompting concerns over a potential downtrend. However, as long as the RSI does not close beneath 65, there is still room for a recovery. A close below this level, on the other hand, could indicate the end of the current bullish cycle, potentially triggering a price decline.
Other Analysts Offer Prediction
Alongside the RSI levels, analyst Ali Martinez pointed out a tightening of the Bollinger Bands on XRP’s daily chart. This narrowing pattern often suggests a period of low volatility, which could precede a significant breakout or breakdown in price.
Egrag Crypto, another analyst, emphasized the importance of the $2.12 resistance level. A daily closure above this price point could trigger a bullish move for XRP, with targets set at $2.75. The $1.67 price zone is currently seen as a critical support level, aiding XRP’s consolidation.
Despite the bullish outlook, XRP price has faced some short-term challenges. The token has seen a 4.88% decline over the past week, falling from a high of $2.23 to a low of $2.00 before partially recovering to $2.12. Experts had previously projected that a rally to $4 could be possible if XRP breaks key resistance levels at $2.60, $2.65, and $2.75. However, failure to hold above the $2 support could trigger bearish momentum, potentially pushing the price down to $1.22.
Also Read: Analyst Predicts ‘Big Move’ as XRP Price Enters Key Breakout Zone
Credit: Source link
