The post XRP About to Change Drastically on December 29, Here’s Why appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. The date Dec. 29 is massively important to XRP, mostly for technical reasons. The technical analysis of the XRP/USDT price chart suggests an imminent breakout from a descending triangle pattern, which could herald a significant volatility surge and directional shift for the asset. The descending triangle observed on XRP’s daily chart is characterized by a flat lower boundary that acts as support and a downward-sloping upper boundary that represents descending resistance levels. This pattern often indicates accumulation in a period of uncertainty, with the price compressing toward the triangle’s apex. As XRP approaches this converging point, the likelihood of a decisive move increases. XRP/USDT Chart by TradingView For XRP, the key support level to watch is around $0.55, a point that has repeatedly held firm against bearish pressure. Should XRP maintain above this level, it bolsters the case for an upward breakout. Conversely, a fall below this pivotal support could see XRP’s price descend to test lower supports, possibly around the $0.50 zone, where previous buying activity may provide some buoyancy. Resistance levels are equally critical in this scenario. The immediate resistance lies near the upper boundary of the triangle, at approximately $0.63. A convincing push above this resistance could trigger an accelerated move toward the $0.65 level, where previous price actions have created a congestion zone.…

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Filed under: News - @ December 28, 2023 3:22 am