$XRP fell 3.8% over the last 24 hours to $2.39, after the Federal Reserve hinted at slowing down the monetary cutting cycle next year. Likewise, other cryptocurrencies like Bitcoin and Ethereum also saw price drops.
Some analysts, however, like Antonio Di Giacomo from XS.com, previously speculated XRP could reach $3 by the end of 2024. With the recent price decline, that seems increasingly unlikely, but things could still change in 2025.
Arthur Azizov, CEO of crypto business B2BinPay, is optimistic that "XRP could reach a price range of $5 to $7 in the first half of 2025." He cites the crypto's strong post-election momentum and Ripple's strides in solidifying its position as a key player in the crypto space through its payment platform.
The optimistic forecasts are based on hopes for reduced regulatory scrutiny on digital assets under the new administration and Ripple's advancements in cross-border payments. While there aren't many bearish forecasts, it doesn't necessarily mean everyone expects XRP's rapid rise to continue next year.
This is likely because crypto forecasters are inherently optimistic about digital tokens and decentralized finance.
CoinGecko data shows that the $XRP price has declined by more than 6% in the last 24 hours.
Despite this, 100eyes Crypto Scanner posted on X about the XRP/USDT pair exhibiting a Bullish Divergence on the hourly chart. This suggests that XRP may potentially rebound.
Furthermore, Whale Alert reported a significant transfer of 500,000,000 USDT (worth 499,407,500 USD) from an unknown wallet to Binance.
It's unclear how these events are directly related, but they could collectively influence market sentiment. Let's wait and see what unfold
According to the Whale Alert posted on the X ( formerly known as Twitter)
The recent transfer of 200 million $DOGE to an unknown wallet on Binance, valued at approximately $59,925,858 USD, has sparked speculation about its purpose.
While the exact reason remains unclear, potential scenarios include trading, selling, or preparation for liquidity provision on the exchange.
Following this event, Dogecoin experienced a decline, reaching a low of $0.262 on December 19th. However, it has since rebounded, currently trading at $0.35.
Looking ahead, the current recovery is expected to face resistance at the daily Simple Moving Average (SMA) 50, currently at $0.36.
A sustained break and close above this level would signal strength, with potential upside targets of $0.42 and $0.48. Conversely, a failure to break above the SMA 50 could lead to further declines, potentially pushing Dogecoin's price as low as $0.23.