XRP/USD on a 4-hour timeframe0.382 (~$2.20): Price has bounced from here after retracing from the recent high.
0.618 (~$2.00): This area would act as a strong support zone if price drops further.
The price is currently hovering just above the 0.5 Fibonacci level, which often indicates a consolidation phase where the market may decide the next directional move.
Previous Trend: The preceding price action shows a strong upward movement, suggesting bullish momentum.
Current Behavior: Price appears to be consolidating after a pullback. This could indicate:
Accumulation for another upward push (if bullish pressure remains).
Preparation for a larger retracement if bearish sentiment takes over.
3. Key Levels
Support:
~$2.20 (0.382 Fib level)
~$2.00 (0.618 Fib level)
Resistance:
~$2.60 to $2.70: This area has capped price advances previously.
~$3.00: A psychological resistance level and potential target for a break
Typically, during consolidation, volume drops, indicating low conviction. If volume spikes accompany a move above $2.50, it could signal a bullish breakout.
The chart highlights vertical lines and icons around December 16-19, which could represent key fundamental events (e.g., regulatory decisions, token unlocks, or macroeconomic data releases). These events might influence the price heavily.
Buying Scenario:
Wait for a breakout above $2.50-$2.60 with strong volume.
Set a target near $3.00 with stop-loss near $2.20.
Selling Scenario:
If price breaks below $2.20, consider a short with targets near $2.00 and $1.80.
Patience is key to waiting for clear confirmation of the next move.
