XRP Marks a 6-Year High, Smashes $2.5-Here’s the XRP Price Prediction for December 2024 After a 300% Rise
XRP, the most popular cross-border payment token, jumped to become the third largest token, with a market capitalization of over $100 billion before the monthly close. The coin surpassed giants like Solana, BinanceCoin, and Tether, indicating strong bullish momentum for the cryptocurrency. Promoted by multiple factors Ripple price Rebounds such as legal optimism, ETF speculation and strong growth in trading activity, especially on Korean exchanges.
At the same time, whale activity was at its peak, with billions of coins being moved everywhere and billions more being unlocked. According to data from Whale Alert, more than 2 billion XRP tokens have been unlocked from Ripple escrow in the past 24 hours.
Additionally, over 1 billion XRP has been transferred from other unknown wallets to Ripple and exchanges such as Binanace and Upbit. The escrow unlock is a scheduled event designed to manage supply and support the ecosystem, which historically has not caused any major disruption to the market, but has caused XRP price volatility. Despite the volatile performance of other popular coins such as Bitcoin or Ethereum, the price has increased by 300% in the past few days.
So, now that market participants have become bullish on XRP, the question becomes whether the price of XRP will break out to a new high of $5 before the end of 2024.
Recent price action suggests prices have gained enough momentum, with volume reaching over $28 billion, 18% higher than the 2021 bull market volume. This suggests that bulls have turned their attention to the coin and therefore a new ATH may be on the horizon.
The monthly chart of XRP price offers a “Dejavu” moment as it undergoes similar price action. After several prolonged accumulations, the price triggered a breakout, so the results are expected to reflect the previous rally as well. From this point of view, the possibility of XRP price breaking into double digits and hitting $11 for the first time seems very feasible. However, this appears to be a temporary target, as if XRP price follows previous patterns, a true bull run may succeed in reaching $30, marking the top of a sustained rise.
