XRP/USDT Faces Resistance at $2.35 Amid Consolidation Phase 21-12-2024

The XRP/USDT trading pair has seen a period of range-bound movement, currently trading at approximately $2.33 after a 0.88% decline over the last 4-hour session. The Bollinger Bands indicate moderate volatility, with the price showing a slight recovery from the recent $2.00 support zone.

Short-Term Analysis

• Indicators: The Relative Strength Index (RSI) hovers near the oversold region at 33. This suggests a potential near-term relief rally if buying momentum picks up.
• Support and Resistance: Immediate support is identified at $2.20, with resistance levels around $2.40 and $2.60.
• MACD: The Moving Average Convergence Divergence (MACD) indicator displays bearish momentum, but the narrowing histogram hints at a possible crossover in the coming sessions, potentially signaling a reversal.

Long-Term Expectations

• The broader trend remains uncertain, with the $2.90 level serving as a significant psychological and technical barrier. A break above this level could pave the way for a retest of the $3.20 region, driven by improving sentiment or positive market catalysts.
• Conversely, failure to maintain the $2.00 support could trigger further downside, with a potential decline toward the $1.80 range.

Market Outlook

As XRP continues to consolidate, traders should monitor volume spikes and external news affecting the cryptocurrency market. The upcoming sessions are critical to determining whether XRP can reclaim bullish momentum or extend its corrective phase.

Disclaimer: This update is for informational purposes only and not financial advice.