Journalist
Posted:
- XRP will end the year much lower than previous predictions.
- A high level of liquidation may occur around $0.59 or $0.68.
“XRP to $1″ – This is a phrase that has appeared many times throughout the year.
However, with two days to go until the end of 2023, this price prediction may not yet come true. But before AMBCrypto tells you why the rise to $1 isn’t possible this year, it’s important to admit why the prediction came true.
According to our assessment of XRP and the market as a whole, the reason the prediction was rampant was the outcome of the case between Ripple and the US SEC.
So it was not surprising that the XRP Army asked for the price when Judge Torres declared that the cryptocurrency was not a security.
Although Ripple’s partial victory over the regulator set the tone for a rally above $0.90, XRP failed to reach the $1 mark. As we enter the final moments of the year, large transfers to exchanges indicate that XRP could end the year lower than $0.63.
On December 28, Whale Alert reported that a whale had transferred 23.8 million XRP to the Bistamp exchange.
23,800,000 #XRP (14,840,298 USD) transferred from unknown wallet to #Bitsstamphttps://t.co/HsLEUMPdyM
— Whale Alert (@whale_alert) December 28, 2023
Such a move indicates an intention to sell. This trade could also lead to a drop in XRP price action.
The whale tracking platform emerged around the same period revealed that another 24.8 million was sent to the Latin American leading exchange Bitso.
This second trade also confirmed AMBCrypto’s theory that XRP could face selling pressure.
Furthermore, the Liquidation Heatmap analyzed via HyblockCapital showed that both longs and shorts may need to be cautious. Yellow colored areas represent a predicted high liquidation level.
At this point, whales can act quickly. However, retail traders run the risk of losing money due to the potential use of high leverage in the search for profits.
Based on XRP’s Liquidation HeatMap, high liquidations could occur around $0.59 on the downside. On the upside, risks appeared around $0.68.
Source: HyblockCapital
Therefore, the likely move for XRP is to continue the consolidation in the coming days. On the technical side, XPR showed signs of mild upside. This was due to the Awesome Oscillator (AO) and the Relative Strength Index (RSI).
At the time of writing, the RSI value was 52.45, indicating a bullish attempt to dictate the cryptocurrency’s momentum. It was also the case with the AO. The AO had become positive at the time of writing.
Source: TradingView
Read Ripple’s [XRP] Price forecast 2024-2025
However, the indicators for XRP may need to trend higher to confirm a bullish bias for XRP. If not, it may be difficult for the token to reach or exceed $0.65. Regardless of the recent price, there were still optimistic views about the long-term potential of the token.
For example, the JWK YouTube channel said in one session on December 27, XRP could reach $352.59. The channel also provided a timeline, noting that the prediction could happen within five years.
