XRP (XRP) Chart / Source: Investing.com
XRP (XRP) trading volumes have picked up again following a subdued few days due to New Year’s celebrations, clocking in at around $2 billion in the past 24 hours, as per CoinGecko.
That’s roughly in line with, if not a little bit above, average trading volumes seen throughout most of December, during which time the XRP price has been marooned within an upper-$0.50s to $0.70 range.
XRP was last changing hands around $0.6250, close to its 21 and 50DMAs, both of which have been acting as a magnet for the price action in recent weeks.
But XRP chart analysis suggests that the potential for an upside break is rising in the coming weeks.
Price predictions are thus likely to remain bullish.
Price Prediction – Are Investors Flocking to XRP (XRP)?
Subdued volumes and rangebound price action in recent weeks, that has seen XRP consolidate well below earlier 2023 highs suggests that investors are not flocking to XRP right now.
Indeed, over the same time period, Bitcoin (BTC) has been pumping to fresh multi-quarter highs, and recently surpassed $45,000, while altcoins like Solana (SOL) and Avalanche (AVAX) have enjoyed exponential growth.
But XRP has plenty of bullish narratives right now – It is set to benefit from general crypto bullish themes such as expected spot Bitcoin ETF approvals and Fed rate cuts, but can also benefit from XRP-specific themes, such as Ripple Labs’ winning momentum in its lawsuit versus the SEC.
That being said, XRP price risks seem strongly tilted towards the likelihood of an upside, not downside, break.
XRP has been consolidating within what appears to be a descending triangle over the last two months.
A break below the recent downtrend could open the door to a fast jump back to Q3 2023 highs around $0.75, which could mean quick 20% gains from current levels.
XRP (XRP) Chart / Source: Investing.com
Quick gains for XRP, if driven by bullish narratives as well as just technical buying could be the trigger to bring investors flocking back to XRP.
Crypto Alternatives to Consider
Low-cap coins can offer huge potential returns but also come with a lot of risk.
For those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
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Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilize affiliate links within our content, and receive commission.
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