- Yearly candle close of XRP provides deep insight of the market sentiment which in particular sees the future of the digital currency in 2025.
- Moving through the $2.00 level may result in bullish pressures while remaining below support levels may extend bearish pressure.
- In the new year, this may have a precursor on the overall crypto market, relative to what XRP is capable of doing currently.
With only 48 hours left before the formation of the yearly candle the cryptocurrency markets are fixated on XRP. This is quite a pivotal juncture for XRP bulls and traders as the direction of this yearly candle could be determining how much higher or lower you could expect the price of XRP to go in the approach to 2025.
#XRP – This Yearly Candle:
— EGRAG CRYPTO (@egragcrypto) December 29, 2024
48 hours remaining for the Yearly Candle:#XRPFamily STAY STEADY AND STRONG. pic.twitter.com/qNGhMmqbqG
Yearly Candle Value
Figures from trading years candles are normally used to evaluate their strength to capture long-term trends and any possible changes in sentiment. As for XRP, the current candle is extremely important because it is located at the intersection of key level areas for this year.
Further, the chart highlights two primary regions. While Area A is the lower support levels that XRP has traded previously, Area B is the region of resistance where XRP has sought to break in the past few years. The current yearly candle seems to be on the verge of challenging these edges for the low and high and the outcome desired here is useful for both short-term traders and long-term holders.
Current Market Dynamics and market Implications
As of December 30, 2024, XRP’s price has shown mixed performance. Despite some sell signals earlier this week, there is hope for a potential market rebound. The token’s sharp decline has brought it to a low of $2.06, with the price falling by 5.28% and its key support at $2.05. Further, traders are closely observing the resistance level at $2.19.
Analysts emphasize the importance of maintaining a pivotal rate above the $2.00 level and a breakthrough above this level could ensure further run of the price heading into 2025.
However, if XRP closes below its key support levels, a bearish pressure is possible, pushing the prices down to the Area A lower bound.
XRP’s yearly candle close could also have other implications for the crypto market and Ripple’s operations. As one of the largest digital assets, XRP’s performance carries considerable weight in shaping industry sentiment. Further, with strong performance, it could boost altcoins and increase its adoption, while weak closing pressures investors to be more cautious.