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- 1 XRP price prediction stays bullish for January 2024 and suggests a sudden rise is possible.
- 2 Ripple’s XRP coin price got stuck into the narrow range consolidation.
- 3 It struggles to hold the price above the 50-day EMA.
XRP price prediction stays bullish for January 2024 and suggests a rise in the short term. It consolidated for a quite long time in a narrow range and it might anytime show a range expansion.
The 50-day and 200-day EMAs are sloping sideways indicating a lack of direction. However, buyers are active and successfully holding the price above both the EMAs.
At the beginning of December, XRP crypto price gained momentum and attempted to break out of the $0.7000 hurdle. Yet, buyers were not very strong and the session ended up by forming a bearish hammer candle.
Later, the XRP price faced rejection and slowly retraced downward to the 50-day EMA. Luckily, the buyers were active near the EMA and succeeded in halting the downfall.
However, the price did not show a bounce back and continues to trade near average. It indicates the lack of participation of the big players. Therefore, until new participants and big players inject the money into XRP, this crypto might spend some more time in consolidation.
Currently, the pair of XRP/USDT is trading at $0.6188 with an intraday decline of -0.50%.
Will XRP Price Show a Range Expansion?
XRP price is mildly bullish and suggests a rise in the short run. However, the price will pick up the momentum when buyers are able to break out of the $0.7000 barrier. On the lower side, $0.5722 is acting as an immediate support for the bulls.
Till the XRP crypto holds the support, the possibility of bounce back remains high. The analysis suggests that bulls are active and trying their best to show a range expansion. So, it’s better to play bullish bets and give participation to push the price upward.
Will Ripple’s XRP Price Respect the Support?
Ripple’s XRP price is trading near to the crucial support. The strength of bulls is visible in the demand zone. So, any short-term downfall may get easily absorbed near to the support and the downside risk looks limited.
The MACD curve is near the zero line and sloping sideways. It also denotes that XPR lacked direction and more consolidation is possible. The supertrend tells us that as long as the price is below $0.6847, the short-term trend will remain in a downward direction.
Conclusion
XRP price prediction is mildly bullish in the short run. However, until buyers succeed in breaking out of the $0.7000, it will lack momentum. Till the XRP crypto price holds the 200-day EMA, the short-term bulls will remain active.
The analysis says, this crypto might spend a few more weeks inside consolidation and the probability of flying above $0.9000 is low.
Technical levels
- Resistance levels: $0.7494 and $0.8520
- Support levels: $0.5722 and $0.4744
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
