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The XRP price is consolidates just below the $1.4 mark, but the technical structure continues to show bullish strength. Interestingly, XRP is down around 4.35% over the past 24 hours, hitting a 24-hour low of $1,296, according to Coinmarketcap data.
According to an XRP analysis on TradingView, the technical setup still points to continued price appreciation. The analysis suggests that XRP could rise further soon, with a near-term price target of $1.90.
XRP Price Rise Continues
The price increase of XRP earlier this month was very unprecedented. In particular, the XRP price rose from a low of $0.4976 on November 3 to reaching a three-year high of $1.6 on November 23. This translates into a price increase of 220% in over 20 days.
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However, since hitting this three-year high, XRP has entered a correction phase, retreating by almost 20%. Despite this price correction, XRP has largely traded above a key trendline that has kept the price up during the rise.
As it looks now, technical analysis shows that XRP price is about to bounce or break below this trendline, which could make or break its price trajectory from here. If this main trendline holds, XRP would move higher, just as it did on November 24th. After rising at this point, XRP continued from a low of $1.2775 to retest the $1.54 price level on November 24.
With XRP price retesting this key trendline, the more bullish option is an immediate rebound. A breakout to the upside would see XRP resume its uptrend to the $1.9 price level. With this in mind, the analyst highlighted critical price zones that could determine XRP’s trajectory in the coming sessions. The range between $1,520 and $1,620 has been identified as a crucial area where the price could encounter strong resistance in the coming sessions.
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What’s next for XRP?
At the time of writing, XRP is trading at $1.39 and still trading around this main trendline. However, the price has not yet shown a decisive jump from this level. In particular, the current price action points to continued consolidation in the past few hours.
While the XRP price continues to show signs of bullishness, the possibility of one exists break down. This downside break would be highlighted by a daily close below $1.38. Should this happen, XRP will likely continue its decline with a retest of the next key support at $1.32.
Featured image created with Dall.E, chart from Tradingview.com