XRP (XRP), the native cryptocurrency of the Ripple network, has seen notable volatility recently. As of press time priced at $2.26, reflects a 5.32% decline in the last 24 hours. This price movement highlights the fluctuations XRP has been experiencing in the market. This drop comes despite an impressive trading volume of $13.7 billion, highlighting active participation from traders.
Also Read: Ripple vs. SEC: Legal Chief Slams SEC’s Ongoing Crypto Attacks
Key Support and Resistance Levels for XRP
The given chart of XRP shows that there is a significant level of support at $2.20. This level has proven itself as a support level in the past where the price has been known to be steady. Falling below $2.20, the cryptocurrency would be likely to approach the next important support level at around $2.10.
Source: CoinMarketCap
On the resistance side, XRP faces a challenge at $2.38, the most recent high. A breach of this level could signal a move towards $2.40, a key psychological resistance point.
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Technical Indicators Signal Possible Reversal
From a technical perspective, the metrics of XRP reveal points of interest for short-term speculation. With the 1-hour chart’s RSI at 39.85 right now, it’s conceivable that XRP is already approaching the oversold area.
XRP/USD 1-hour price chart, Source: Trading view
This could be a buy signal and combined with the current MACD reading. The MACD is below the signal line and this might indicate that the prices may reverse in the near future. Therefore, short-term traders targeting counter-trend movements could wait for a bounce above $2.35 to tackle the $2.38 level.
XRP Price Prediction for 2024: Will XRP Reach $2.50?
Looking ahead to 2024, Changelly blog analysts predict a modest range for XRP. The minimum expected price for the year is $1.80, while the maximum could reach $2.13.
It is expected that the average price will move approximately in the range of $2.46. These forecasts rely on the current trends and outlooks for gradual improvement, primarily assuming a positive impact on the wider cryptocurrency market.
December 2024 Outlook Fluctuations Likely
By the end of 2024, the price of XRP is predicted to reach between $1.79 – $2.46. The average trading value could be around $2.13 for the period by the end of December.
Moreover, if XRP manages to triumph in the legal case against the SEC, a far more significant increase in the price may occur. In that case, XRP may try to climb even higher levels, and possibly achieve $9 by the end of 2025.
XRP Price Prediction for January 2025
When glancing forward to the earlier days of 2025, XRP is predicted to be more humble in terms of price. Analysts expect that the minimum price will not be less than $0.88 while on the higher side, it can be as much as $1.83. The predicted average trading for January stands at approximately $1.36 per coin depending on market trends and movements and other related factors in the cryptocurrency industry.
FAQs:
What is the current price prediction for XRP in 2024?
The price of XRP in 2024 is expected to fluctuate between $1.79 and $2.46. If Ripple wins its legal case against the SEC, the price could potentially rise significantly, possibly reaching $9 by the end of 2025.
Is XRP a good investment in 2024?
Investors should be cautious but optimistic while XRP shows potential for moderate growth in 2024, key legal outcomes and market developments, especially regarding the SEC case, will heavily impact its future price.
Can XRP reach $9 by 2025?
While analysts predict a modest range for XRP by 2024, a favorable ruling in Ripple’s ongoing legal battle with the SEC could propel the price to as high as $9 by 2025.
Also Read: XRP Analysis: Crypto Analyst Predicts Shocking 72,000% Surge if Certain Breakout Happens
Kelvin Munene
Kelvin Munene is a dedicated crypto-economic analyst and blockchain enthusiast, driven by a passion for demystifying decentralized technologies. With a deep understanding of blockchain, cryptocurrencies, and digital tokens, Kelvin writes for leading publications to help individuals and businesses unlock the transformative potential of these technologies. His mission is to empower people with knowledge about how decentralized systems can reshape economies, enhance financial freedom, and create a more inclusive and transparent digital future.