XRP price breaks trend and signals bullish continuation, now at $2.64
The current price of XRP stands at $2.64
Ripple (XRP) has broken out of its approximate horizontal trend channel in the medium to long term, signaling renewed bullish momentum.
The current price of XRP stands at $2.64, reflecting increased buying interest from investors. This upward breakout is a positive signal, suggesting further price appreciation in the near term.
With no visible resistance on the price chart, XRP is positioned for continued upward movement. The absence of resistance offers room for bullish price action, driven by strong investor sentiment. However, caution is advised as the Relative Strength Index (RSI) is diverging negatively against the price. This divergence signals a potential loss of bullish momentum and an increased likelihood of a pullback.
XRP price dynamics (December 2023-December 2024). Source: TradingView.
In the event of a negative reaction, XRP has established support at $1.72, which corresponds to the 0.65 Fibonacci retracement level. This support level is expected to act as a crucial safety net for investors, limiting downside risks and providing a possible re-entry point for buyers.
The technical outlook for XRP remains positive, driven by the bullish breakout and the absence of resistance. Investors should watch for potential consolidation or a short-term pullback, especially near the $1.72 support, as it could provide insights into the strength of the ongoing rally.
On November 29, blockchain tracker Whale Alert flagged two major XRP whale transactions totaling 139.39 million tokens. One of these transactions involved 104.39 million XRP, worth $167 million, being transferred to an unknown wallet.
