Key Notes
- XRP trading volume jumped 50% in 24 hours as buy signal appears.
- Price remains under $2 while traders closely watch the $1.90 support zone.
- Analysts warn against extreme price targets for the year-end.
XRP
XRP
$2.00
24h volatility:
0.9%
Market cap:
$120.78 B
Vol. 24h:
$1.97 B
saw fresh activity on Dec. 15 as its daily spot trading volume climbed by over 50%. This came as a TD technical indicator flashed a buy signal,which often hints at a possible short term rebound.
Despite this, XRP continued to trade below the $2 psychological level. At the time of writing, the cryptocurrency is trading around $1.99, down by 1.5% over the past day.
According to crypto analyst Ali Martinez, the next move depends heavily on whether buyers can defend the $1.90 support area. He suggested that holding this level could lead the top altcoin to $2.5.
However, a breakdown below $1.90 may invite further weakness.
XRP Faces Pressure Despite Bullish Developments
XRP price volatility comes amid the wider crypto market’s weakness. Bitcoin and major altcoins have faced selling pressure as total market cap slid from $4.28 trillion in early October to roughly $3.06 trillion now.
These conditions have muted the impact of otherwise positive Ripple-linked developments.
Notably, on Dec. 12, the Office of the Comptroller of the Currency granted Ripple Labs a bank charter. The approval allows the firm to expand its business reach with regulated financial partners.
Meanwhile, the US spot XRP ETFs have seen sustained demand. These funds recorded more than $100 million in inflows last week, according to data by SoSoValue. Since launch, they haven’t posted even a single day of outflows, with total inflows near the $1 billion mark.
Bold Price Rally Claims
At the same time, bold calls predicting a near term XRP surge to $100 are circulating on social media platforms. Crypto analyst Jack Humphries recently called such forecasts unrealistic.
He noted that the $100 price would place XRP’s market cap near $5 trillion as the market currently has about 50 billion tokens in circulation. This market value is larger than most global companies. The analyst warned that such high price targets can mislead retail traders.
Amid these warnings, some analysts still believe in XRP’s rally to $10 under favorable conditions.
The cryptocurrency remains about 48% below its all time high of $3.84 set eight years ago.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/xrp-flashes-buy-signal-with-50-volume-surge-but-analyst-gives-reality-check/
