Technical Analysis
XRP/USD witnessed a 1.19% decline in the past 24 hours.
Examining the hourly chart reveals a downturn in XRP’s price following a false breakout above the resistance level at $0.6215. Absent any significant changes before the day concludes, the likelihood of a decline to the $0.61 range is considerable.
Zooming out to a larger time frame, XRP’s current trend leans more towards bearish than bullish, marked by its failure to reclaim the $0.64 zone.
Should this trend persist, traders should brace for a potential test of the support level at $0.5860.
A parallel scenario unfolds on the weekly chart. If the bar concludes in proximity to the support, indications point towards an impending breakout, leading to a descent towards the $0.55 zone by month-end. As of press time, XRP is valued at $0.61625.
XRP Will Hit $22 in The Next Bull Market Run
Cryptocurrency analyst Zach Rector has made a bold prediction regarding XRP, suggesting that the digital currency could surpass the $22 mark in the upcoming bullish market.
Rector discussed several projects developed by his team at Reaper, emphasizing the utilization of the XRP ledger, which is expected to fuel its growth potential and subsequent price increase.
XRP Ready For 1,500% vs BTC As Tether Partners With FBI & Secret Service!https://t.co/jRGRvwnRtw
— Zach Rector (@ZachRector7) December 17, 2023
The cryptocurrency startup founder informed users that introducing the Ethereum Virtual Machine (EVM) sidechain to Ripple would enhance the network’s development. Rector views Ethereum as a slow and costly network, describing it as a “dying and limping horse for a long time.” Projects are expected to pivot towards XRP with EVM as a faster and more cost-effective option. He predicts a migration of tokens from Ethereum to the XRP ledger.
Related: Ex-Goldman Sachs Executive Seizes ‘Lifetime Opportunity’ with Bold XRP Investment
In a bold prediction during an interview, the CEO of Reaper Financial expressed his expectation that XRP will surpass Bitcoin to become the number one cryptocurrency.
Bitcoins and Eth’s dominance is slowly falling away and that only means ONE thing: 𝐀𝐋𝐓𝐒𝐄𝐀𝐒𝐎𝐍 🚀
Prepare to explode $XRP (I hope everyone has their bags packed) 💼#BTC #ETH #XRP pic.twitter.com/y4dRmF26np
— Chloé XRP 🇬🇧 (@Chloe_Le_Pen) December 17, 2023
Apart from integrating EVM sidechains, the CEO also discussed the XLS-30 upgrade to introduce Automated Market Makers (AMM) for XRP. He mentioned that this could potentially increase the list of XRPL tokens delisted from exchanges due to their volume, subsequently contributing to the tokens’ price appreciation.
