XRP advocate Dark Defender stated that he is optimistic about the coin’s future and predicted that a breakout could occur in the near future. In this context, he called on the community to prepare for the rise.
The altcoin, which is trading at $0.585988, up 0.64% in the last 24 hours, has created excitement among its supporters. The token’s weekly chart shows that it is approaching a significant resistance level. Although it is currently below the Ichimoku cloud, which indicates a bearish trend, the chart is signaling a potential breakout. The price is consolidating near the 23.60% Fibonacci retracement level, which increases positive expectations. Furthermore, the RSI is indicating extreme bullish momentum.
XRP derivatives data shows that trading volume increased by 21.02% to $993.76 million and open interest increased by 2.55% to $749.11 million. However, options trading volume is notable for decreasing by 75.63%. Still, long positions dominate short positions in most metrics, suggesting an upward trend in the market. On the other hand, liquidation data reveals market volatility, with long traders reaching $125,130 and $171,160. While the market is bullish, liquidations of long positions are vulnerable to sudden price swings.
XRP Price Prediction for December 2024
Changellyblog experts have analyzed the potential performance of XRP in 2024. They expect the maximum price to reach $0.608 in December, and the minimum price to reach $0.546. The average price estimate is $0.577. These forecasts offer cautious optimism for the future of XRP and point to a stable growth pattern despite the current market conditions.
However, while XRP’s breakout potential looks promising, it is important to remember that market volatility continues and investors should be careful.
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I EXPLAIN IN DETAILED.
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