XRP Price Targets $3.34 After Corrective Downtrend Within Descending Channel

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	2,096,564,463,318	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

2,096,564,463,318

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,739.33	1.67%	106,079.40	106,079.39	106,079.40

Price Change

Price Change %

Current Price

Bid Price

Offer

1,739.33

1.67%

106,079.40

106,079.39

106,079.40

High Price	Low Price	Open Price	Prev. Close	52 Week Range
107,857.79	103,289.21	104,335.55	104,340.06	38,501.00 - 105,100.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

107,857.79

103,289.21

104,335.55

104,340.06

38,501.00 - 105,100.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:05:14	0.001412	106,079.40	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:05:14

0.001412

106,079.40

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,621,618,215.42	24,785.23	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,621,618,215.42

24,785.23

XRP Price Targets $3.34 After Corrective Downtrend Within Descending Channel

16/12/2024 1:00pm

NEWSBTC

The XRP price has been trading on a consolidation path after reaching a six-year high of $2.9 on December 3. The cryptocurrency has struggled to maintain upward momentum, and recent analysis points to the playout of a descending channel. According to an analysis on TradingView, XRP’s price movement suggests a corrective downtrend confined within a descending channel on the daily chart. Nonetheless, XRP is on track for a rebound to the upside, with price targets around its current all-time high. Corrective Downtrend And Key Support Levels According to a TradingView analysis, XRP has been experiencing a corrective downtrend since December 3. On that day, the cryptocurrency reached a peak of $2.9 on Binance but faced rejection and dropped to a low of $2.25 on the same day before closing at $2.5. This marked the beginning of a bearish phase, as XRP subsequently formed two more consecutive daily bearish candles. Related Reading: XRP Price In Motion: Analyst Reveals The Next Major Supports And Resistances While the token attempted a brief upward rebound, the move was met with another rejection. The alternating pattern of upward and downward movements resulted in the formation of lower highs and lower lows, which is a characteristic of a descending channel. The descending channel is a temporary phase of price correction rather than a prolonged bearish outlook. Within this context, the TradingView analysis identifies initial support levels at $1.8890 and $1.6, which align closely with the 0.618 and 0.786 Fibonacci retracement levels when drawn from the $2.9 high. These levels are support zones where the cryptocurrency could stabilize if downward pressure persists. A successful defense of these supports might act as a springboard for a bullish reversal, paving the way for the next upward leg in XRP’s price trajectory. Failure to hold these levels could increase bearish pressure on the XRP price and drive the price further down to the most notable support at $1.5. Related Reading: Dogecoin Fails To Follow Bitcoin’s Recent Uptick: Is A New ATH Still Feasible This Cycle? Potential Rebound And Target Levels For XRP Price If the XRP price successfully rebounds from the identified support zones, it is expected to challenge resistance at $2.8, marking the first milestone on its upward journey. A notable break above $2.8 would open up a run towards the final target of $3.3450. At the time of writing, the XRP price is trading at $2.41 and is down by 0.9% and 2% in the past 24 hours and seven days, respectively. Reaching the $3.345 level is tantamount to a 39% increase from the current price levels. Furthermore, this would put the XRP price close to its current all-time high of $3.4. The bullish momentum required to reach $3.345 could also push the XRP price into new all-time highs from that point. Featured image created with Dall.E, chart from Tradingview.com

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