XRP price prediction for December 9
Despite the bearish market sentiment, Ripple Labs' native XRP bucked the market trend and received widespread attention from crypto enthusiasts. On January 9, 2024, most cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and others are experiencing a price decrease, the price of XRP increased by 2%.
XRP technical analysis
Recent price action looks favorable for the altcoin. However, XRP's four-hour chart suggests that it may not experience further declines in the near future due to the 200 Exponential Moving Average (EMA). This shows that XRP is unlikely to fall below the $2.19 level due to the support provided by the 200 EMA.
In November 2024, XRP crossed above the 200 EMA for the first time. Since then, the price of the altcoin has touched this level three times, and each time it has shown impressive speed. With the recent price collapse in the crypto landscape, XRP has once again touched the 200 EMA and is trading above the indicator.
An examination of the current situation and historical price action shows that XRP could be significantly higher if it holds itself above the 200 EMA.
However, on the daily time frame, XRP seems to be testing the bullish flag and pivot price action pattern level. If it holds above the $2.20 level, it could go higher.
Important steps to be observed
The $2.20 level is a strong support area where the asset is supported by the 200 EMA and the horizontal level.
The $2.50 level is a strong resistance zone. If the price breaks this level, a significant uptrend may follow.
73 million dollars worth of XRP withdrawal from exchanges
Amidst this market uncertainty, Wells appears to be hoarding the tokens, according to on-chain analytics firm CoinGlass. Data from inflow/outflow shows that the exchanges have issued $73.14 million worth of XRP tokens, a sign of bullishness.
In the cryptocurrency landscape, the outflow represents an influx of assets from exchanges into the wallets of long-term holders, with the potential to generate buying pressure and upside momentum.
Current price momentum
At press time, XRP is trading near $2.32 and has seen a price increase of over 1.5% in the last 24 hours. However, during the same period, the volume of transactions increased by 20 percent, and the participation of traders and investors increased.
