XRP, the native token of Ripple, has just reached a significant milestone by surpassing the 2 USD mark, marking the second time since January 2018. With strong growth momentum, the market is questioning whether XRP can continue this rally or if a price correction is waiting.
_Market Sentiment and Current Performance
Current price: XRP is trading at 2.39 USD, up more than 22% from the opening price on December 1st to now.
Long/Short Ratio: Data from Coinglass shows market sentiment leaning towards bullish, with a ratio of 1.98. This indicates that traders are heavily betting on an upward trend.
Trading volume: Despite a strong price increase, trading volume has decreased by 14%, indicating that investor participation is showing signs of stagnation.
_256 Million USD Flow and Whale Activity
In the past three days, exchanges have recorded an inflow of XRP amounting to 256.30 million USD. This is a sign that large institutions and whales are transferring XRP to exchanges, possibly to prepare for a sell-off.
Optimistic signal: Participation from top traders remains high, with 66.5% holding long positions.
Adjustment risk: The influx of large capital often comes with the possibility of sell-offs, which could exert downward pressure in the short term.
_Technical Analysis and Price Target
Resistance and support: Breaking through the 2 USD resistance level is a positive signal. However, the price may retest the support zone from 2.10–2.20 USD before continuing to rise.
Next target: If the upward momentum is maintained, XRP could advance towards the 3 USD mark, even reaching 3.15 USD, according to analysis from CoinPedia.
_XRP Price Prediction
Short term (1 week): The price may fluctuate around 2.80–3 USD if there are no negative events.
Medium term (1–2 months): After reaching the 3 USD mark, the price may adjust to around 2.50–2.70 USD before returning to an upward trend.
By the end of 2024: The expected price target is in the range of 2.80–3.20 USD, depending on market momentum and the activities of large institutions.
_Factors to Watch
Trading capital flow: The activities of whales and institutions can be significant indicators.
Investor sentiment: The Long/Short ratio and trading volume are factors to watch.
Legal information: News related to Ripple will continue to influence price trends.
--->With the current situation, XRP is at a critical stage, promising opportunities but also posing significant risks.
