- XRP trades within a symmetrical triangle.
- The alt has a resistance hurdle at $0.385.
- Also, the remittance token follows a near-term resistance line.
XRP price gradually moves up toward the horizontal resistance of $0.385. Once it hits the hurdle, its response might determine the upcoming price direction.
Chris Larsen and Jed McCaleb founded Ripple Labs. Meanwhile, XRP is the platform’s native token, allowing global transactions at a minimum cost. The alternative coin has consolidated within $0.32 – $0.40 since the 8 November sharp dip.
While there aren’t immediate breaking updates for XRP, rumors indicate a massive announcement will emerge in the upcoming weeks. Meanwhile, other associated news revealed that Asheesh Birla, Ripple’s founding member, assumed advisory roles at Panther Ventures.
XRP Price Rebounds at 195D Support
XRP price has swayed beyond an ascending support level since hitting yearly lows on 14 June. Meanwhile, the line has triggered six rebounds. The latest one initiated upside moves on 19 December. Surprisingly, the rebound matched enormous XRP transactions from various whales, something that would likely welcome downside moves.
The highest transaction amounted to $112M from exchange Binance to an unrecognized wallet. Continued upward moves would head toward the closest resistance region at $0.385. Furthermore, XRP trades within a symmetrical triangle.
Since the level has persisted for 192 days, breaking beneath it might trigger price dips. Yet, the 24hr timeframe isn’t enough to gauge whether the rebound will extend or a breakdown will surface. Besides the triangle being a neutral setup, the daily Relative Strength Index remained neutral, increasing but still beneath 50.
A continued bounce might push the remittance token to $0.385. Meanwhile, a breakdown would catalyze downsides beneath $0.30.
Near-Term Surge to $0.385
The 6hr chart indicates that XRP overcomes the resistance area of $0.355 over the last 24hrs. That followed a bullish divergence by the Relative Strength Index. Further, the alt follows a near-term resistance (currently at around $0.375).
That magnifies $0.385 importance because of resistance zone confluence. Consequently, while enthusiasts expect upsides toward this mark, the response once XRP touches the territory might determine Ripple’s future trends.
XRP’s primary readings remained neutral, and it remained challenging to forecast future trends. As a result, fans should watch the token’s reaction after it arrives at $0.385, as the zone could determine whether the alt will experience a bearish or bullish move.
Though XRP remained plagued by its ongoing fight with the SEC, the alternative coin has witnessed enormous whale activity. Shark and whale addresses holing 1 million to 10 million tokens, hit a record peak on 23 December. Earlier reports from Santiment indicate that the figure hit an astounding 1,617 new addresses. Moreover, some analysts believe XRP targets the top three position as recently overtaking BUSD in market cap.