XRP struggles to break $3.00 amid extended market consolidation
XRP has been stuck in a consolidation phase for a long time, preventing the altcoin from reaching the $3.00 mark this year.
As January 2025 approaches, XRP's chances of achieving this milestone are slim, with market conditions and technical indicators suggesting a delay in any significant rally.
XRP is having trouble.
The NVT (Network Value to Transaction) ratio indicates that XRP's network value is currently exceeding its transaction value. Historically, this imbalance has remained uncorrected, as inflated net prices often followed losses for investors.
Such market conditions make recovery challenging. Without increased trading activity to support its network value, XRP faces significant risks of prolonged stagnation or downward movement, limiting its short-term growth potential.
The MACD (Moving Average Convergence Divergence) indicator adds a bearish look when there are no signs of a bullish crossover in sight. This lack of speed As 2025 begins, it is unlikely to change, with a bearish crossover indicating broader negative market signals.
This technical indicator shows that the downward pressure on XRP continues. Until a reversal occurs, the altcoin may struggle to break out of its current consolidation range and may face further declines if selling pressure intensifies.
XRP Price Prediction: Staying afloat
XRP has been consolidating over the past month, hovering above the $2.00 support and remaining below the $2.73 resistance level. This pattern mirrors an earlier period of consolidation that lasted more than three months before XRP rallied in November of this year, which may have a similar timeline.
If history repeats itself, XRP may not break $3.00 until the end of February 2025. Any significant sell-off during this extended consolidation could push the altcoin lower to $1.28, adding to losses for investors.
However, changing broader market sentiment could change XRP's direction. A breach of the $2.73 resistance level could push the price towards $3.00, which would invalidate the bearish view and signal renewed bullishness for the altcoin, which could push XRP to a new all-time high above $3.31.
The post XRP struggles to break $3.00 amid extended market consolidation appeared first on BeInCrypto.
