XRP Price Prediction Today December 23, 2024
2024-12-23
Bittime - After experiencing a huge surge of almost 500% in recent weeks, the XRP price is now around $2.2537.
However, with a correction trend starting to emerge, the price of XRP is predicted to face further declines. The following is the XRP price prediction for today, December 23, 2024.
XRP Price Prediction: Bollinger Bands Indicator
Source: U Today
The Bollinger Bands indicator, developed by John Bollinger, shows potential XRP price movements.
Currently, XRP price is near the upper band of Bollinger Bands, while the median of this indicator is around $1.
This large gap is a cause for concern, especially because a similar situation occurred previously in 2018. At that time, XRP reached an ATH of $3.3 before dropping more than 82% in 4 weeks.
This correction brought the XRP price to $0.5627 and started an accumulation phase that lasted 3 years. If this historical pattern repeats itself, the XRP price prediction could return to approaching the median Bollinger Bands at $1.
Read Also: How many Rupiah is 1 XRP? XRP Price Today 23 December 2024!
XRP Price Prediction Short-Term
In the short-term XRP price prediction, XRP is still showing a positive trend, rising 0.64% in the last 24 hours.
However, on the hourly chart, the price is still far from the main support and resistance levels. If buyers lose momentum at $2.24, a price correction is very likely in the near term.
Continuously decreasing trading volume is also a signal that neither buyers nor sellers have yet to gather enough energy to drive sharp price movements.
As a result, sideways movement in the $2.20-$2.40 zone is expected to continue until the end of the month.
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XRP Price Prediction: Weekly Analysis
Source: U Today
On the weekly chart, XRP shows a similar pattern to the daily chart. If the weekly candle closes around the current price, traders are unlikely to see a significant increase in volatility before the end of December.
This trend strengthens the prediction that the XRP price prediction will continue to move in a sideways pattern without any major movements in the near future.
Also Read: When Will the SEC vs Ripple (XRP) Case End? This is an Important Date!
XRP Price Prediction: Potential Back to $1
Based on historical trends, it is possible that the XRP price prediction may return to the Bollinger Bands median of $1.
However, this does not mean that the price drop will be instantaneous. This situation depends more on market sentiment and trading volume in the next few weeks.
Investors who have made huge profits from the recent XRP rally may want to consider taking some of the profits.
As shown in the cases of 2018 and 2021, major price corrections can occur after major spikes.
Read Also: Potential of Ripple (XRP) Technology in Various Industrial Sectors
XRP FAQs
What is XRP and what is its use?
XRP is a digital asset created by Ripple Labs and designed to facilitate cross-border payments. XRP blockchain technology enables transactions in just a few seconds with very low fees making it ideal for international money transfers and micropayments.
What is the Difference Between XRP and Other Cryptocurrencies Like Bitcoin?
XRP supports a cross-border payment system with a focus on speed and cost efficiency, different from Bitcoin which functions more as a store of value and investment tool. In addition, XRP uses a consensus mechanism that does not require mining so it is more energy efficient.
How much is 1 XRP USD?
Currently, 1 XRP is worth $2.18 according to Coinmarketcap.
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Reference
Gamza Khanzadaev, XRP Price May Fall to $1 as in 2018, Bollinger Bands Signal, accessed December 23, 2024.
Denys Serhiichuk, XRP Price Prediction for December 22, accessed December 23, 2024.
Author: IPR
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
