XRP Price Prediction for December 31
Amid continued uncertainty in the market, Ripple Labs’ native token XRP appears bearish and braces for a price drop. Today, December 31, 2024, along with XRP, most assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) appear to be bleeding and raising questions about when the price will Pause on falling concerns.
XRP Technical Analysis and Key Levels
According to expert technical analysis, XRP recently broke out of the descending triangle price action pattern and changed the market sentiment. Meanwhile, the daily chart shows that XRP has successfully retested the breakdown level, which could confirm that its price may continue to fall until support is found.
Based on recent price action, if overall cryptocurrency market sentiment remains unchanged, Ripple It could fall another 10% to 12% to reach support at the $1.83 mark.
Hundreds of millions worth of XRP leaked
Despite the pessimistic outlook, interest in the asset remains optimistic among traders and investors, reports on-chain analytics firm coin glass. XRP spot inflow/outflow data shows that exchanges have witnessed hundreds of millions of dollars worth of XRP token outflows over the past few days.
Outflows are an on-chain metric that reveals how much assets are moving from exchanges to unknown wallets, potentially indicating buying pressure and ideal buying opportunities.
Combining this on-chain indicator with technical analysis, XRP is bearish in the short term. However, investors appear to be accumulating funds, suggesting they view this price drop as a bargain-hunting opportunity.
Current Price Momentum
At press time, XRP was trading near $2.03, with the price down more than 4.5% in the past 24 hours. Its trading volume surged 90% during the same period, indicating increased participation from traders and investors amid falling prices.
