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The price of XRP ended December at around $2.08 after a period of ups and downs between gains and declines. Although it ended December just above the $2 mark, the price of XRP went through a bullish period in the first half of the month, which saw it peak around $2.9, its highest price in over six years.
Despite ending the month down 28% from its six-year peak, XRP achieved the highest monthly candle body close in its history. This is an interesting phenomenon Referred to by Cryptocurrency analyst Tony Severino, who also suggested that the price of XRP is on track to reach $13 this cycle.
XRP price completes the highest close of the candle body in history
XRP ended December with a 6.94% gain from where it started, building on an unexpected 281.7% surge in November, according to Data from CryptoRank. This period of price increases has seen XRP receive significant attention from cryptocurrency analysts and investors, with various forecasts for the upward momentum to continue into 2025.
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However, Bitcoin Failed above $100,000 The price tag appears to have halted XRP’s momentum Along with many other cryptocurrencies. This led to XRP spending the latter half of December on a corrective and consolidation path. however, The upward trajectory remains As for XRP, with recent technical analysis by cryptocurrency analyst Tony Severino also giving voice to this.
The price of XRP hit an all-time high of $3.40 in January 2018, but closed the month at $1,124 to start successive bearish candles on the monthly time frame. As Tony Severino pointed out on XRP Monthly Candles, December 2024 was the highest monthly close for the XRP price.
Although the cryptocurrency failed to surpass its all-time high during the month of December, it still managed to achieve this remarkable feat. Although this is not a technical indicator, it gives voice to the ongoing bullish momentum surrounding the XRP price, which has prevented further price drops below the $2 mark.
Technical analysis indicates a target price of $13
Cryptocurrency analyst Tony Severino Also highlighted An interesting technical pattern appears on the daily time frame of XRP candles. According to the analyst, it appears that a bull flag has started to emerge following the XRP price correction in December.
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The bull flag pattern identified by Severino is a technical setup that is often associated with large price spikes. It is characterized by a sharp upward movement in November, followed by a period of consolidation in a downward-sloping channel in December.
A breakout to the top of a bull flag pattern usually results in… Continuation of initial rise. In the case of XRP, Tony Severino predicted a breakout that would send XRP rising to $13 in the coming months.
At the time of writing, XRP is trading at $2.37 and has risen by about 12% in the past 24 hours. Reaching the expected target of $13 would translate into a profit of 450% from the current price level.
Featured image created with Dall.E, chart from Tradingview.com