After experiencing a period of ups and downs, XRP's price closed around $2.08 at the end of December. Although the price was slightly above the $2 mark at the end of December, XRP experienced a bull market earlier in the month, reaching a high of around $2.9, marking the highest price in six years.
Despite XRP's price being down 28% from its six-year high at the end of this month, it still recorded its highest monthly candlestick closing price in history. Cryptocurrency analyst Tony Severino noted this interesting phenomenon, and also mentioned that XRP's price is expected to reach $13 in this cycle.
XRP price achieved the highest closing price on the candlestick chart in history.
According to data from CryptoRank, XRP was up 6.94% at the end of December compared to the beginning of the year, while the unexpected surge in November reached as high as 281.7%. During this period of price increase, XRP garnered significant attention from cryptocurrency analysts and investors, with various predictions indicating that this bullish momentum would continue into 2025.
However, Bitcoin's failure to break the $100,000 price barrier appears to have hindered the momentum of XRP and many other cryptocurrencies. This led XRP to enter a phase of adjustment and consolidation in the latter half of December. Nevertheless, XRP's bullish trajectory remains intact, as confirmed by recent technical analysis from crypto analyst Tony Severino.
The price of XRP reached an all-time high of $3.40 in January 2018, but the closing price for that month was $1.124, initiating a series of bearish candlesticks within the monthly timeframe. As Tony Severino pointed out on the XRP monthly candlestick chart, December 2024 is projected to be the highest monthly closing price for XRP.
Although the cryptocurrency failed to break the current all-time high in December, it still achieved this important milestone. While this is not a technical indicator, it suggests that there remains bullish momentum for XRP, preventing the price from dropping further below the $2 mark.
Technical analysis indicates a target price of $13.
Cryptocurrency analyst Tony Severino also highlighted interesting technical patterns appearing on the daily candlestick chart for XRP. According to this analyst, a bull flag seems to have emerged after the price adjustment in December.
The bull flag pattern identified by Severino is a technical setup that is usually associated with significant price increases. It is characterized by a substantial rise in November, followed by a period of consolidation within a downward channel in December.
A breakout from a bull flag pattern typically leads to a continuation of the initial upward movement. For XRP, Tony Severino predicts that it will soar to $13 in the coming months.
At the time of writing, XRP is trading at $2.37, up about 12% in the past 24 hours. Reaching the expected target of $13 would mean a 450% increase from the current price level.
