December 31 XRP Price Prediction

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In the ongoing market uncertainty, Ripple Labs' native token XRP shows a bearish trend, with prices expected to decline further. As of December 31, 2024, XRP is experiencing a drop alongside other major assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), raising concerns about when prices will stabilize.

XRP Technical Analysis and Key Levels

According to expert technical analysis, XRP recently broke through a descending triangle price pattern, which has changed the market sentiment. From the daily chart perspective, XRP has successfully retested the breakout level, which may indicate that the downtrend will continue until a suitable support level is found. Considering the current price trend, if the overall sentiment in the crypto market remains unchanged, XRP could further decline by 10% to 12% and test the support level of $1.83.

$100 Million Worth of XRP Outflow

Despite the bearish outlook in the short term, data from on-chain analytics firm Coinglass shows that traders and investors remain optimistic about XRP. Recent XRP spot inflow/outflow data indicates that exchanges have experienced outflows of XRP tokens worth hundreds of millions of dollars. This outflow, as an on-chain indicator, reveals a significant transfer of assets to unknown wallets, suggesting potential buying pressure and buying opportunities.

Combining this on-chain data with technical analysis, XRP still appears bearish in the short term. However, the accumulation behavior of market participants indicates that many see the current price decline as a buying opportunity.

Current Price Trend

As of writing, XRP is trading at approximately $2.03, having dropped over 4.5% in the last 24 hours. Meanwhile, trading volume surged by 90%, indicating increased activity among traders and investors as prices decline.

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