Despite a cautiously optimistic technical outlook, Ripple’s XRP has recently faced a downturn, dropping by 4% amidst a whopping $1.2 billion trading volume.
As of December 16, the digital currency is trading at $0.620, marking a marginal 0.50% increase over the last 24 hours. Its significant trading volume places XRP as the fifth-largest cryptocurrency with a market cap exceeding $33 billion.
This recent dip raises questions about potential whale activities, stirring speculations if major holders are selling off their stakes before January.
XRP Price Prediction
On the technical front, the 4-hour chart reveals a pivotal point at $0.6383, indicating critical junctures in XRP’s trajectory. The immediate resistance levels are observed at $0.6697, $0.7000, and $0.7332.
On the downside, Ripple finds its support at $0.5981, $0.5671, and $0.5401, which are crucial for sustaining the bullish momentum.
XRP Price Chart – Source: Tradingview
The Relative Strength Index (RSI) currently stands at 46, suggesting a neutral to bearish market sentiment. Additionally, XRP’s current position below the 50-Day Exponential Moving Average (EMA) of $0.6300 further corroborates the bearish trend in the short term.
A notable feature in XRP’s chart is the formation of a symmetrical triangle pattern, indicating a phase of consolidation. However, a potential breakdown below the $0.5980 level, coupled with a closing below the 50 EMA, signals a stronger inclination towards selling.
In conclusion, the current technical analysis of Ripple suggests a bearish outlook below the key pivot point of $0.6383. The short-term forecast anticipates the asset testing various resistance levels if a reversal trend emerges.
However, the prevailing consolidation pattern and bearish indicators warrant caution among traders and investors in the immediate future.
BTCETF Tokenomics & Burn Mechanism: Fueling Deflationary Growth
In addition to XRP, there are other coins at presale that are making highlights. The Bitcoin ETF project is advancing with innovative tokenomics, including a burn mechanism and staking rewards. Initially, a 5% burn tax on transactions will be implemented, decreasing by 1% at each milestone.
A major plan in stage 4 involves burning 25% of the total token supply in 5% intervals at each milestone.
These milestones range from trading volume achievements to regulatory approvals and significant Bitcoin price milestones.
This approach aims to decrease the total supply of BTCETF to about 70%, potentially driving price growth, especially with increasing interest in Bitcoin alternatives and Bitcoin-related tokens like BRC-20 ordinal tokens and Bitcoin derivatives.
The project encourages early participation, with the current status showing $4.2 million raised out of a $5 million goal.
BTCETF is priced at $0.0068, with options for purchasing and staking available. So don’t miss your chance to get in early ahead of the next major Bitcoin rally leg – connect with the project on X (Twitter) and Telegram for more details.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post XRP Price Prediction as $1.2 Billion Trading Volume Sends XRP Down 4% – Are Whales Selling Before January? appeared first on Cryptonews.