NewsletterXRP Price Prediction: Simmers at $0.64, Can December Uncork Festive Flow Towards $1?
XRP price has since mid-December been stuck below $0.64, as uncertainty spreads in the market over the possibility of a correction ahead of Christmas and New Year festivities. Investors are likely to consider cashing out following the steady uptrend from mid-October.
This would allow them to profit from the accrued gains while aiming to buy again before the Securities and Exchange Commission (SEC) approves spot Bitcoin exchange-traded funds (ETFs) in January.
XRP price holds above $0.61 and $0.60 support levels as bull fight to keep the uptrend intact. If the cross-border payments giant’s token triggers a sell-off below $0.6, XRP might sweep through the local support at $0.58 before the next breakout.
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XRP Price Prediction: Can Dips Be Profitable?
The most prominent international money remittance token holds above all three key indicators, starting with the 20 Exponential Moving Average (EMA) (in blue), the 50 EMA (in red), and the 200 EMA (in purple).
If these support areas stay unbroken through the festivities in the next couple of weeks, the battle to close the distance to $1 will not be daunting for the bulls. In addition, ascending trendline support is in line to prevent further losses from weighing XRP down, but if broken, the fall could be intense.
The Moving Average Convergence Divergence (MACD) indicator shows that buyers could quickly cede ground to the bears. Note that any sign of a weakening uptrend might spook holders into panic selling.
A sell signal would manifest with the blue MACD line crossing below the red signal line. Traders must ensure that the indicator is generally falling toward the neutral zone and into the negative region before entering short positions.
Movement above the immediate resistance at $0.62 would go a long way to validate the uptrend and pave the way for gains past $0.64. XRP is required to defeat the seller congestion at $0.64 to signal that the technical structure has improved and that a breakout to $1 is in the offing.
Investors who might be contemplating between XRP and Cardano (ADA) as additions to the crypto portfolio, may want to stick with the latter. ADA has since January increased in value by almost 200% compared to XRP’s 175% return on investment.
Nevertheless, both digital assets have the potential to grow exponentially in 2024 backed by the hype surrounding the ETF, the halving, and general expectations of a bull run.
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