XRP Price Prediction as Trading Volume Spikes to $2 Billion – Are Investors Flocking to XRP?
XRP (XRP) trading volumes have picked up again following a subdued few days due to New Year’s celebrations, clocking in at around $2 billion in the past 24 hours, as per CoinGecko.
That’s roughly in line with, if not a little bit above, average trading volumes seen throughout most of December, during which time the XRP price has been marooned within an upper-$0.50s to $0.70 range.
XRP was last changing hands around $0.6250, close to its 21 and 50DMAs, both of which have been acting as a magnet for the price action in recent weeks.
But XRP chart analysis suggests that the potential for an upside break is rising in the coming weeks.
Price predictions are thus likely to remain bullish.
Subdued volumes and rangebound price action in recent weeks, that has seen XRP consolidate well below earlier 2023 highs suggests that investors are not flocking to XRP right now.
Indeed, over the same time period, Bitcoin (BTC) has been pumping to fresh multi-quarter highs, and recently surpassed $45,000, while altcoins like Solana (SOL) and Avalanche (AVAX) have enjoyed exponential growth.
But XRP has plenty of bullish narratives right now – It is set to benefit from general crypto bullish themes such as expected spot Bitcoin ETF approvals and Fed rate cuts, but can also benefit from XRP-specific themes, such as Ripple Labs’ winning momentum in its lawsuit versus the SEC.
That being said, XRP price risks seem strongly tilted towards the likelihood of an upside, not downside, break.
XRP has been consolidating within what appears to be a descending triangle over the last two months.
A break below the recent downtrend could open the door to a fast jump back to Q3 2023 highs around $0.75, which could mean quick 20% gains from current levels.
Quick gains
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