XRP Price Surges 7% As This ICO Rockets Towards $7M

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The XRP price surged 7% in the last 24 hours to trade at $2.51 as of 08:40 p.m. EST on trading volume that soared 51% to $8.4 billion, according to CoinGecko.

The pump helped make the Ripple token the top trending crypto on CoinMarketCap.

XRP Price Gearing Up For A Bullish Rally

The XRP price chart shows that the Ripple token experienced a significant parabolic rally earlier, as evidenced by the steep price increase highlighted by the blue channel. This rally took XRP from around $0.5254 to a high of around the $2.84 level within a short period.

Since reaching the peak, the price of XRP has entered a sideways consolidation phase, fluctuating within a horizontal range between approximately $2.24 and $2.61. This consolidation reflects a period of indecision, where buyers and sellers are relatively balanced.

Additionally, the XRP price remains well above the 200-day Simple Moving Average (SMA), which is situated around $1.0038, indicating a long-term bullish trend. The 50-day SMA is also trending upward and is currently providing dynamic support near the $2.24 level, strengthening this key support zone.

Meanwhile, the Relative Strength Index (RSI) is currently at 59.44, slightly below the overbought threshold of 70. This suggests that the market has cooled off from the previous rally but remains in bullish territory. The RSI is hovering near neutral levels, signaling consolidation with the potential for renewed momentum.

The Moving Average Convergence Divergence (MACD) also supports the bullish outlook, as the blue MACD line crosses above the orange signal line.

XRP/USDT Chart Analysis (Source: Tradingview)

Ripple Token Price Prediction

XRP is currently consolidating within a well-defined range. A breakout above the $2.61 level could push the XRP price to a continuation of the previous bullish trend, potentially targeting $3.50–$4.00 in the medium term.

Conversely, a breakdown below this level could trigger a retracement to the next support zone near $2.00 or the 50-day SMA, or the price of Ripple could plunge further to the $1.98 support zone.

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— Best Wallet (@BestWalletHQ) December 13, 2024