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XRP Price Prediction for December 31
The crypto market has been experiencing intense volatility lately, with many assets experiencing significant price fluctuations. One of the most affected cryptocurrencies is XRP, which has seen a sharp decline in recent days.
As we approach the end of 2024, it appears that the bearish sentiment is here to stay, at least for now. In this article, we will dive into our analysis and provide a detailed prediction on what could happen with XRP by December 31st.
XRP Technical Analysis
Our technical analysis suggests that XRP has recently broken out of a descending triangle price action pattern and shifted the market sentiment. This is likely to continue until support levels are found, potentially leading to a price decline.
Source: Trading View
Based on this information, we believe that XRP could drop another 10% to 12%, reaching the support level at $1.83.
On-Chain Metrics
However, it’s essential to note that despite this bearish outlook, traders and investors continue to show an interest in XRP. On-chain analytics firm Coinglass reported that exchanges have witnessed a massive outflow of hundreds of millions of dollars worth of XRP tokens over the past few days.
Source: Coinglass
This on-chain metric reveals how much of the asset is being transferred from exchanges to unknown wallets, which could indicate buying pressure and a potentially ideal buying opportunity. We believe that investors are accumulating at current levels due to this price decline.
Current Price Momentum
At the time of writing, XRP is trading near $2.03, having experienced a price decline of over 4.5% in the last 24 hours. Notably, its trading volume has surged by an impressive 90%, indicating heightened participation from traders and investors amid the price decline.
In conclusion, our analysis suggests that the current sentiment is heavily bearish for XRP, potentially leading to a further decline of 10-12% and reaching the $1.83 support level. However, it’s crucial to remember that this could be an excellent buying opportunity due to continued interest from investors.
Disclaimer: This article should not be considered investment advice. Please do your own research before making any investment decisions.
Source: coinpedia.org
