XRP/USD on a 4-hour timeframe
0.382 (~$2.20): Price has bounced from here after retracing from the recent high.
0.618 (~$2.00): This area would act as a strong support zone if price drops further.
The price is currently hovering just above the 0.5 Fibonacci level, which often indicates a consolidation phase where the market may decide the next directional move.
Previous Trend: The preceding price action shows a strong upward movement, suggesting bullish momentum.
Current Behavior: Price appears to be consolidating after a pullback. This could indicate:
Accumulation for another upward push (if bullish pressure remains).
Preparation for a larger retracement if bearish sentiment takes over.
3. Key Levels
Support:
~$2.20 (0.382 Fib level)
~$2.00 (0.618 Fib level)
Resistance:
~$2.60 to $2.70: This area has capped price advances previously.
~$3.00: A psychological resistance level and potential target for a break
Typically, during consolidation, volume drops, indicating low conviction. If volume spikes accompany a move above $2.50, it could signal a bullish breakout.
The chart highlights vertical lines and icons around December 16-19, which could represent key fundamental events (e.g., regulatory decisions, token unlocks, or macroeconomic data releases). These events might influence the price heavily.
Buying Scenario:
Wait for a breakout above $2.50-$2.60 with strong volume.
Set a target near $3.00 with stop-loss near $2.20.
Selling Scenario:
If price breaks below $2.20, consider a short with targets near $2.00 and $1.80.
Patience is key to waiting for clear confirmation of the next move.
0.618 (~$2.00): This area would act as a strong support zone if price drops further.
The price is currently hovering just above the 0.5 Fibonacci level, which often indicates a consolidation phase where the market may decide the next directional move.
Previous Trend: The preceding price action shows a strong upward movement, suggesting bullish momentum.
Current Behavior: Price appears to be consolidating after a pullback. This could indicate:
Accumulation for another upward push (if bullish pressure remains).
Preparation for a larger retracement if bearish sentiment takes over.
3. Key Levels
Support:
~$2.20 (0.382 Fib level)
~$2.00 (0.618 Fib level)
Resistance:
~$2.60 to $2.70: This area has capped price advances previously.
~$3.00: A psychological resistance level and potential target for a break
Typically, during consolidation, volume drops, indicating low conviction. If volume spikes accompany a move above $2.50, it could signal a bullish breakout.
The chart highlights vertical lines and icons around December 16-19, which could represent key fundamental events (e.g., regulatory decisions, token unlocks, or macroeconomic data releases). These events might influence the price heavily.
Buying Scenario:
Wait for a breakout above $2.50-$2.60 with strong volume.
Set a target near $3.00 with stop-loss near $2.20.
Selling Scenario:
If price breaks below $2.20, consider a short with targets near $2.00 and $1.80.
Patience is key to waiting for clear confirmation of the next move.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.