XRP Price Faces Key Multi-Year Resistance, Could Dump To $2
The post XRP Price Faces Key Multi-Year Resistance, Could Dump To $2 appeared on BitcoinEthereumNews.com.
The XRP price saw a 45% green candle on Monday, extending its weekly and monthly gains to 80% and 415% respectively. With the token now 25% away from a new all-time high, FOMO-longs are ramping up. However, the possibility of a short-term correction cannot be underestimated. In fact, experts believe XRP could enter another consolidatory phase, resulting in the rotation of capital back to meme coins. Meme tokens like Department Of Government Efficiency (DOGE), Moo Deng (MOODENG) and Catslap (SLAP) could deliver explosive returns in the coming weeks. Why The XRP Price Could Dump To $2? The XRP price could potentially have entered the ‘overbought’ territory. For instance, its Relative Strength Index (RSI-14) is currently at 94, which typically results in a short-term correction. Similarly, oscillator indicators like the Stochastic %K (14, 3, 3) and the Williams Percent Range (14) are currently flashing a “sell” signal on the daily time frame. Prominent analyst Benjamin Cowen also reveals that XRP’s risk value currently stands at 0.84, the sign of an overheated token. The XRP price is also facing key resistance levels, both in its USDT and BTC charts. For instance, the token price created a wick above the 0.786 Fibonacci level today on Monday, which has been a key resistance for XRP since the 2017/2018 cycle. However, it is very likely that it will fail to secure a weekly close above it, resulting in a short-term correction. Using Fibonacci levels, prominent analyst Nebraskangooner reveals that the risk-reward ratio for XRP doesn’t favour swing traders opening new long positions. He has advised them to wait for a successful retest of the $2.50 support or a dip below the $2 mark to buy the dip. $XRP Key fib levels I’m watching on weekly If it rejects then just below $2.00 could be good…
Filed under: News - @ December 2, 2024 8:23 pm