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A prominent market commentator identifies pivotal XRP levels to watch on the daily, weekly, and monthly timeframes and sets conditions for the upward push.
In today’s XRP price news, a comprehensive analysis, which spans across multiple timeframes, comes as XRP enters a crucial consolidation phase. Following its surge to $2.9 on Dec. 3 and the subsequent drop, XRP has remained locked between $2 and $2.6 as the market awaits the next move.
XRP Monthly and Weekly Timeframes
In the analysis, EGRAG first highlighted the monthly timeframe. He stressed the importance of a bullish monthly close for XRP, noting that December’s performance will determine January’s direction.
For XRP to maintain bullish momentum, the monthly candle must avoid bearish patterns like the Hanging Man or Shooting Star.
EGRAG identified the critical support level on this timeframe as $2.2, where a candle body close below this figure could signal bearish developments. However, wicks and retests below $2.2 are short-term noise. If XRP holds above this level into January, a bullish push may begin.
Meanwhile, on the weekly chart, EGRAG identified $2.44 as the decisive level to watch. While last week’s candle showed bullish strength, this week’s open below the previous close raises caution.
The market analyst revealed that If XRP can close the week above $2.44, it could trigger a rally leading into January and February 2025.
However, holding above $2 on the weekly timeframe remains important. This level preserves the bullish structure, preventing further downside and consolidating XRP’s position for the next upward move.
XRP 3-Day and Daily Timeframes
Further, EGRAG noted that the 3-day chart reveals a battle between bulls and bears. Notably, after bears pushed XRP down from $2.9 on December 2, bulls defended the $2 level, keeping the price above key support.
The analyst noted that the range between $2.17 and $2.53 represents the current battlefield. A decisive full-body candle close above this zone will confirm the bulls’ control, leading to the next uptrend.
Also, EGRAG remains bullish on the daily timeframe, which has maintained a range for two weeks. He projected that if the current bullish pattern holds, XRP could target $7.5 to $8.1.
However, he believes a Bitcoin move to $120K-$130K will be the catalyst needed for this breakout. At press time, BTC trades for $103,871. According to him, while XRP might consolidate for now, patience is important, as the bigger the base, the larger the breakout.
XRP 8-Hour and 2-Hour Timeframes
Meanwhile, EGRAG confirmed that on the 8-hour chart, the ADX indicator shows a bullish setup. With the correction phase complete, XRP appears to be in the early stages of Wave 1. This marks the beginning of the next wave count. He implied that Waves 3 and 5 could deliver strong upward moves.
Also, the 2-hour chart supports this outlook. XRP’s price is sitting on the lower Bollinger Band, with a squeeze formation signaling an imminent breakout. This setup indicates that XRP could be on the verge of its next leg upward.
A Clean and Bullish Structure
Another market analyst, CrediBULL, discussed the bullish outlook for XRP in a separate report on X. He urged non-traders to focus on the bigger picture instead of short-term price movements.
And for non-traders, you just need to zoom out a little so you don't forget the big picture.
Structure on $XRP here looks so freaking clean and bullish, it's actually insane.
Forget what happens on these lower timeframes- it's noise (for a non-trader), big picture is… https://t.co/9mBib6ci1u pic.twitter.com/o5ioncxE8h
— CrediBULL Crypto (@CredibleCrypto) December 15, 2024
Data from the accompanying chart shows that XRP recently completed Wave 2, which preceded the latest consolidation phase. CrediBULL expects Wave 3 to lead to a sharp upward push, potentially taking XRP to the $8 level.
The analyst believes after this, the fourth wave could lead to a correction, resulting in a triangle formation. However, a triangle breakout from Wave 5 could potentially skyrocket the asset to a lofty target above $22.
The chart shows a key support level at $2.17, with major resistance at $2.52 and $2.9. However, holding above $2 ensures the bullish structure remains intact while breaking above $2.9 will signal a continuation of the impulsive move. XRP currently trades for $2.38, up 0.3% in the last 24 hours.