On December 3, 2024, XRP price hit $2.9, its highest value since February 2018. The upward movement stalled at the resistance level, and a sharp bearish trend followed, with the cryptocurrency entering a consolidation phase.
XRP Growth and Consolidation
XRP price increased by 105% over eight days, but the upward movement stalled at resistance. Since then, XRP has been trading between $2 and $2.5 with occasional dips below $2.
Short-Term Bearish Forecast
According to market analyst The Block Bull, the future of XRP seems unfavorable. He predicts that in the coming days, the cryptocurrency may enter a bearish trend, with the price possibly falling to $1.50 by next week. Currently, XRP price is down 1.4%, ending the short rally that started on December 10.
Long-Term Risks for XRP
Analysts suggest that if XRP fails to hold above the $1.50 level, there is potential for a decline to $0.50 by the end of the year. Historical trends show XRP fluctuated around $0.50 during 2022 and 2023 before its recent rise.
Despite the current bearish trend, analysts note supporting factors for possible XRP growth. New projects and regulatory changes could be catalysts for upward movement, according to EGRAG, which forecasts a rise to $6 by December 2024 and $27 by January 2025.
