Can Ripple (XRP) make a comeback this Christmas? Hear what analysts have to say
Ripple (XRP) has recently dropped from $2.5 to below $2 but has bounced back to $2.25. Analysts are keeping a close eye, believing that XRP might see a significant rise in the coming weeks.
In the past week, XRP whales have purchased 120 million tokens, reducing the supply, which could lead to a price increase.
Is this the final sprint of the year?
XRP has recently experienced a significant decline, making it one of the worst-performing cryptocurrencies in the market. Starting from December 17, the price fell from $2.5 to below $2 just three days later. However, it has regained some ground and is now around $2.25 (according to CoinGecko data). Compared to last week, it is still down by 10%.
Despite the current price retracement, many analysts remain bullish on XRP, believing it will surge soon. For example, a prominent figure known as Crypto Bitlord, who has nearly 400,000 followers, stated, "The big surge for 2024 is coming." Additionally, market observers predict it could rise to $12 next month, claiming, "The upward trend has just begun."
Javon Marks is also optimistic. He reviewed XRP’s 4-hour chart and noted signs of “bullish divergence,” suggesting the price could exceed $2.9, potentially reaching new highs.
CrediBULL Crypto also finds the XRP/BTC chart “looks festive” and is “one of the most bullish charts.” They plan to open a long position in a few days.
Whales are in action
The Federal Reserve just announced another interest rate cut and indicated that policy adjustments may be paused next year. Following this news, XRP whales began to take action.
On December 20, a prominent figure named Ali Martinez reported that these large investors purchased 80 million tokens within three days. This morning (December 24), he stated that whales bought another 40 million.
With large purchases, the circulation of XRP decreases, which could drive up the price (if demand remains constant or increases). When whales take action, smaller retail investors may follow suit, making it even more likely for prices to rise.
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