XRP Price Prediction For December 16
Ripple’s XRP is currently trading just above $2.40 and has slipped into the green zone. XRP maintains its position above the upper border of the trend channel and the recent increase in volatility in the cryptocurrency market has increased hopes for a possible further move to the upside.
Prices experienced a minor correction This could form a sideways triangle pattern since the local top, indicating market indecision. The pattern is narrowing and a breakout decision is expected soon.
Key support and resistance levels:
Support: Key support is near $2.28 (the inner low of the triangle). A move below this level could lead to a test of the lower support range between $2 and $2.23.
Resistance: The main resistance is $2.53. A break above this level could mark the start of a move towards $2.64 to $2.76.
Bullish outlook:
If the price breaks above $2.53, it would indicate that Wave C has begun, which could lead to further gains. Target resistance areas are around $2.64 and $2.76. However, a break below $2.28 could signal a further correction.
Bearish scenario:
A break below the $2.28 red line would invalidate the bullish triangle breakout scenario. In this case, XRP may revisit lower support levels between $2 and $2.23.
Analysts comment
Crypto World analyst Josh said that XRP had a bullish breakout from a flag pattern and is currently retesting the previous resistance level, which has turned to support. If XRP holds above $2.37, the bullish flag pattern has a price target of around $3.79, with potential upside of 50-60%. This target will only become invalid if the price falls below $2.37 and specifically $2.28.
