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Is XRP Price Going To Crash Like It Did In 2018?
Key Takeaways:
XRP Price Surge Hits Resistance
In the last couple of analyses, we saw a strong increase in XRP price above the $1.20 level. Earlier in November 2024, the price formed a base and cleared a major consolidation pattern with resistance at $0.6880 on the monthly chart. It opened the doors for a massive surge above the $1.50 level.
The price surpassed the $1.60 and $1.80 resistance levels. It gained over 75% in the past few days, beating Bitcoin and Ethereum. There was a clear move above the 76.4% Fib retracement level of the main decline from the $1.967 swing high to the $0.2870 low.
The 1.236 Fib extension level of the main decline from the $1.967 swing high to the $0.2870 low is acting as a resistance. If the bulls fail to push the price above $2.50, there could be a pullback. In the past few years, we saw that the price sees a major downturn after forming a high like in 2018 near $3.20, and in 2021 near $1.95.
If there is a downside correction, the price might find bids near the $2.20 level. The first major support is $2.00 or the recent pivot zone (the last high at 1.9637).
A downside break and close below the $2.00 support might call for a drop toward the $1.780 support. The main support sits at $1.550. If the bears push the price below $1.550, it could spark a sustained downward movement. In the stated case, the price might decline and test the $1.20 support zone.
More Upsides?
Conversely, XRP might continue to move up. Immediate resistance sits near the $1.480 level. The first major resistance is near the $2.50 level. To continue higher, the price must clear the $2.50 level. The next key barrier sits at $3.00.
A convincing move and close above the $3.00 resistance zone could send the price toward the $3.20 level or a new all-time high. Any more gains might open the doors for a test of $3.50.
Overall, the XRP price is gaining bullish momentum above $2.00. If the bulls remain in action, they could aim for a move toward $3.00. On the other hand, the price might retreat and test $2.00.
This article is for informational purposes only and does not constitute financial or investment advice. All investments and trading activities carry inherent risks, and readers are strongly encouraged to conduct thorough research and consult with a qualified financial advisor before making any investment decisions.