Here are XRP key support and resistance levels to watch this weekend 
Cryptocurrency Dec 20, 2024 Share
XRP continues to navigate a turbulent market as broader crypto selloffs weigh heavily on major altcoins. Despite the volatility, XRP has managed to consolidate above the $2 mark throughout most of the month, holding firm amidst intense market liquidations.
However, the token recently dropped to $1.97 on December 20, before rebounding to regain ground above the critical $2 psychological level.
With traders closely monitoring price movements, analysts have identified key support and resistance levels that could shape XRP’s trajectory this weekend.
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XRP seven-day price chart. Source: Finbold
At press time, XRP was trading at $2.15, having dropped by over 9% in the past seven days. However, on the monthly chart, the asset remains in the green, up nearly 92%.
XRP key levels to watch
Notably, in a recent X post, analyst DarkDefender identified critical levels for XRP in the four-hour timeframe. After testing the $2.72 resistance, XRP retraced to the $2.17 support level, where a potential double-tap appears to be forming.
XRP price analysis. Source: DarkDefener/X
The $2.17 level remains crucial for short-term stability. Should this support fail, the next level to watch is $2.09, with a deeper correction potentially targeting $1.92. On the upside, immediate resistance is at $2.50, a key level that XRP must break to regain bullish momentum.
A decisive breakout above $2.62 would signal the completion of the ongoing correction and open the door for further gains.
Meanwhile, on-chain analyst Ali Martinez noted that a rebound to $2.62 could trigger the liquidation of $20.50 million in short positions. Such a move could act as a catalyst for additional upward momentum, potentially driving XRP closer to its next major milestone at $3.
$20.50 million in short positions will be liquidated if $XRP rebounds to $2.62! pic.twitter.com/IKMCIolaiV
— Ali (@ali_charts) December 20, 2024
Beyond these levels, DarkDefender had previously identified bullish short-term price targets of $5.85 and $8.76, supported by favorable market conditions and historical price patterns.
Featured image via Shutterstock