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Will Ripple (XRP) Experience a Price Spike? Check out the latest analysis!

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Will Ripple (XRP) Experience a Price Spike? Check out the latest analysis!

Jakarta, Pintu News – Ripple (XRP) recently showed signs of recovery by breaking the $2.120 resistance. Now, the digital currency is in a consolidation phase and needs to settle above $2.1680 to continue its rise. This analysis will delve deeper into the potential price movements of Ripple (XRP) and the factors that could affect it in the near future.

Ripple (XRP) Price Rise Looks to Return

Ripple (XRP) managed to maintain support in the $1,920 zone and started a fresh rise, similar to Bitcoin (BTC) and Ethereum (ETH). The price managed to break the resistance levels of $2.00 and $2.020. A new high was formed at $2,244 before the price started a downward correction.

There was a drop below the $2.10 support zone, but the price still seems to be well supported near $2,080. The price is currently trading above $2,100 and the 100-hour Simple Moving Average. There is also a bullish trend line formed with support at $2,120 on the hourly chart of the XRP/USD pair. On the upside, the price may face resistance near the $2.1680 level. The first major resistance is near the $2.20 level, followed by $2.240.

Also Read: Massive Spike! Shiba Inu Burn Rate Up 2000%, Will Prices Soar?

Potential Barriers and Support

If Ripple (XRP) fails to break the $2.1680 resistance zone, there is a possibility that the price will experience another decline. Initial support on the downside is near $2,120 and the trend line. The next major support is near $2,080. In case of a downward breakout and close below the $2,080 level, the price may continue to decline towards the $2,050 support and the 61.8% Fibonacci retracement level of the rise from $1,920 to $2,244. The next major support lies in the $1,920 zone.

Technical Indicators

The hourly MACD for XRP/USD is currently losing momentum in the bullish zone. Meanwhile, the hourly Relative Strength Index (RSI) for XRP/USD is currently above the 50 level. The key support levels are at $2,1200 and $2,080, while the key resistance levels are $2,1680 and $2,200. These indicators give an idea of the current market strength and potential future price movements.

Conclusion

Considering the technical factors and current market support, Ripple (XRP) has the potential to continue its rise. However, it is important for investors to pay attention to the resistance and support levels that have been identified to make informed investment decisions. This analysis is expected to help investors understand the current market dynamics of Ripple (XRP).

Also Read: XRP: Key to the Future of Global Financial Infrastructure

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

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