XRP Price Prediction for December 9
Despite the gloomy market sentiment, Ripple Labs’ native token XRP has bucked the trend and gained widespread attention from cryptocurrency enthusiasts. On January 9, 2024, when most cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), etc. were falling in price, the price of XRP increased by 2%.
XRP Technical Analysis
Recent price action seems to be in favor of altcoins. However, XRP’s four-hour chart suggests that it may not face further price declines in the future due to the presence of the 200 exponential moving average (EMA). This suggests that XRP is unlikely to fall below the $2.19 level due to the support provided by the 200 EMA.
In November 2024, XRP broke above the 200 EMA for the first time. Since then, the altcoin’s price has touched this level three times and witnessed impressive upward momentum each time. During the recent price crash in the cryptocurrency space, XRP once again hit the 200 EMA and is currently trading above the indicator.
A look at the current situation and historical price action suggests that if XRP sustains above the 200 EMA, it is likely to surge significantly.
However, on the daily time frame, Ripple The bullish flag and extreme price action pattern breakout levels appear to be being retested. If it holds above the $2.20 level, it could surge sharply.
Key levels to focus on
The $2.20 level is a strong support area, with the price asset supported by the 200 EMA and horizontal levels.
The $2.50 level is a strong resistance area. If the price breaks above this level, a huge upward momentum could ensue.
$73M worth of XRP flows out of exchanges
Whales appear to be accumulating tokens amid market uncertainty, on-chain analytics firm reports coin glass. Spot inflow/outflow data showed that the exchange witnessed massive outflows of $73.14 million worth of XRP tokens, indicating a bullish signal.
In the cryptocurrency world, an outflow is when an asset moves from an exchange to the wallets of long-term holders, potentially creating buying pressure and upward momentum.
Current Price Momentum
At press time, XRP was trading near $2.32, with the price surging more than 1.5% in the past 24 hours. However, during the same period, trader and investor participation soared, with trading volumes soaring 20%.
