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Home»TRADING NEWS»XRP Price Analysis: Consolidation After Multi-Year Highs
TRADING NEWS

XRP Price Analysis: Consolidation After Multi-Year Highs

By Crypto FlexsDecember 16, 20243 Mins Read
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XRP Price Analysis: Consolidation After Multi-Year Highs
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The price of Ripple (XRP) has seen significant movement recently, with a notable surge in November to its highest level since 2018. XRP, currently the fourth largest cryptocurrency by market capitalization, has a within 3% chance of overtaking Tether for third place.

Following last month’s strong performance, XRP has entered a minor consolidation phase and is down 2% over the past week. Currently, technical indicators suggest a balance between bullish and bearish momentum.

XRP RSI is currently neutral

Ripple price recently reached its highest price level since 2018, but has fallen 2% over the past week. During the December surge, the Relative Strength Index (RSI) exceeded 70 for several days, indicating overbought conditions due to strong bullish momentum.

XRP RSI. Source: TradingView

Currently, XRP RSI is at 46.3, indicating neutral momentum. A key technical indicator, RSI measures the speed and magnitude of price changes on a scale of 0 to 100.

Anything above 70 indicates overbought conditions, and anything below 30 indicates oversold conditions. If XRP’s RSI is close to the midpoint, the asset is neither bullish nor bearish, and there is room for the price to move in either direction depending on the future dates.

Ripple CMF is still negative but recovering.

XRP Chaikin Money Flow (CMF) is currently at -0.01, recovering from -0.13 just two days ago. This improvement means that after a period of outflows, the flow of funds into XRP becomes more balanced, reducing selling pressure.

Although still slightly negative, these changes indicate that market sentiment is stabilizing.

XRP CMF.
XRP CMF. Source: TradingView

CMF is a technical indicator that combines price and volume data to measure buying and selling pressure. Values ​​greater than 0 indicate strong buying pressure, while negative values ​​indicate a selling advantage. Between November 28 and December 5, Ripple CMF remained very positive, reaching a high of 0.37 on December 1, reflecting significant bullish activity during that period.

With CMF now nearing the neutral zone of -0.01, XRP price could see limited near-term movement unless a decisive trend emerges from new buying or selling momentum.

XRP Price Prediction: Will $2.17 Support Hold?

The XRP EMA line indicates price consolidation where the short-term average is still above the long-term average, but the gap is narrowing. This is a sign that the bullish momentum is waning, and increased selling pressure could lead to a downtrend.

In such a scenario, the XRP price could test support at $2.17, and if the initial support fails, further declines could take it as low as $1.89.

XRP price analysis.
XRP price analysis. Source: TradingView

On the other hand, if the uptrend is restored, we could see Ripple price challenging the resistance of $2.64. A break above this level would open the door to a potential move to $2.90 and strengthen bullish sentiment.

The narrowing EMA line highlights a pivotal moment for XRP, with future moves likely to dictate whether buyers or sellers gain the upper hand.

disclaimer

In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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