- XRP’s price surge shows strong long-term bullish potential despite short-term challenges.
- Key resistance at $2.50 and $3.00 could drive XRP’s extended bullish momentum.
- Analysts predict XRP will trade between $1.77 and $2.01 in 2024, with growth potential.
XRP’s price performance has garnered significant attention following a series of developments, including the launch of RLUSD and speculation about an XRP ETF approval in the United States.
As of press time, XRP is trading at $2.16, with a 24-hour trading volume of $12.04 billion. Despite a 2.48% decline over the past day, XRP exhibits strong long-term bullish potential, as reflected in its technical indicators and historical price trends. Recent analysis suggests that XRP may encounter both opportunities and challenges in its path toward sustained price growth.
Recent Price Performance and Technical Analysis
The Relative Strength Index (RSI) for XRP is at 51.26, signaling a neutral zone where the asset is neither overbought nor oversold. However, the Moving Average Convergence Divergence (MACD) is trading below the signal line, hinting at short-term bearish momentum. On a broader scale, XRP’s monthly chart highlights strong bullish momentum, with the price reaching $2.1686 after an 11.12% surge.
Critical support levels for XRP include $0.66, aligned with the 50-day Simple Moving Average (SMA), and $1.00, a psychological benchmark that has transitioned from resistance to support. On the resistance side, XRP faces significant barriers at $2.50 and $3.00, with the latter representing an extended bullish cycle if the upward trend persists.
Historical Trends and Volume Analysis
Historically, XRP saw a remarkable rally between 2020 and 2021, peaking above $2.00 before entering a prolonged consolidation phase. Recently, a breakout above prior resistance zones has reinvigorated market sentiment.
Significantly, the breakout was accompanied by a notable volume spike, signaling strong buying interest. Sustained volume levels above 213 million USDT could reinforce XRP’s upward trajectory.
The breakout above the SMA 50 further validates a bullish reversal on the long-term chart. Additionally, current price action exhibits limited selling pressure, as evidenced by candles with minimal wicks.
Future Scenarios and Price Predictions
If XRP sustains its position above $2.00, it may test resistance levels of $2.50 and $3.00 in the coming months. Conversely, a pullback could see XRP revisiting support zones at $1.50 and $1.00.
Changelly blog analysts predict that in 2024, XRP’s price could range between $1.77 and $2.01, with an average trading value of $2.25. By December 2024, the price might fluctuate between $1.75 and $2.25.
Looking ahead to January 2025, experts anticipate XRP’s value to remain between $1.64 and $1.98, with an average trading price of $1.81. These forecasts underline the asset’s potential for long-term growth, particularly if key resistance levels are breached.