XRP Hits New Highs: Whats Next for This Bullish Trend?
- XRP surges 34% in December, hitting $2.61, with predictions of reaching $4 if it breaks key resistance levels.
- Whale Alert tracks a $47M XRP transfer, raising speculation of price shifts after a brief three-day slump.
- XRP shows strong upward momentum, with hopes of further gains if it holds above crucial support levels in the coming days.
XRP has been undergoing a surge since November and the coin has crossed vital price levels of $1 and $2. This growth has sustained into the last month, with its value rising by 34% in December, placing the cryptocurrency at the third position in terms of market capitalization at $142.37 billion, a 352% improvement to its value in November. Now that the price of token has surged, experts are predicting that it may go even higher to $4 if it breaks through certain barriers.
Among the most vivid drivers of XRPs growth, there was a massive transaction identified by Whale Alert. A 20 million XRP tokens were moved from an unknown wallet to the Bitstamp exchange, and their value is about $47.23 million. This has raised concerns on whether the transaction will cause price changes, especially given that token has only come out of a three-day slump.
XRPs Path to $3 or $4
The price of XRP is at the moment under a crucial support area at $2.09 $2.28 which will likely define the road of the currency in the next few days. If the cryptocurrency will be able to stay above this range, the further price growth is probable. The next major hurdle lies at $2.85, which has been a challenging level for token of late; if it can breach this level, the cryptocurrency may well test $3 or possibly even $4, new ground for the token.
The token hit an intraday high of $2.61 on Sunday and then fell somewhat to show its positive trend. At the time of writing, Ripple coin is changing hands at $2.51 and has made 2.31% intraday and 29.63% weekly gains. This performance shows that investor confidence in the cryptocurrency price rising remains strong.
Source: TradingView
Miky Bull, a crypto commentator, recently pointed out that XRP might hit $4 if it breaks through the resistance and continue with the upward movement. In his view, the recent price surge is enough to show that the token is in the bulls zone and may continue to rise.
Bullish Signals on XRP Chart
Alan Santana highlighted the following on the XRP chart: volumes up and green candles. He pointed out that there are still no indications of a sell-off, which could mean that the bulls may be in power for a few more weeks and could drive the prices higher in the process.
Source: Alan Santana
Nonetheless, there is risk as if the price of XRP goes below $2.09, it will sharply drop. In that case, the cryptocurrency might fall to as low as $1.79, this is a possibility which traders always look out for. However, the majority of the traders is still optimistic and keeps an eye on the further growth potential of cryptocurrency, that may potentially surpass current resistance levels and proceed to a new price spike.
Read more: https://www.tronweekly.com/xrp-hits-new-highs-whats-next-for-this-bullish/
Text source: TronWeekly
