TL;DR
Ripple’s (XRP) Price Outlook: Some analysts predict XRP’s price could rise to $0.75 by year-end and potentially reach $0.80 soon after.
Mixed Market Signals: Despite these optimistic forecasts, concerns arise from XRP’s recent consolidation around $0.60-$0.65 and potential for a short-term correction.
Declining Activity Indicators: On-chain metrics show a decrease in XRP transactions and new account activations, suggesting possible reduced momentum.
The price of Ripple (XRP) has recently consolidated around the $0.60-$0.65 price range, charting less substantial gains than other cryptocurrencies such as Bitcoin (BTC). Still, some analysts remain optimistic that the asset has more fuel left in its tank to finish the ongoing year at a higher level.
The X (Twitter) user EGRAG CRYPTO presented a chart, according to which XRP is currently situated in a so-called “Sentiment Status” zone. The trend could change by mid-December when Ripple’s token is predicted to enter a “Macro Range” territory, with its valuation possibly climbing to $0.75 by New Year’s Eve.
“XRP Army, STAY STEADY, we’re on a short-term ride to much loftier price destinations,” EGRAG CRYPTO added.
Another individual supporting that thesis is Dark Defender. The analyst, who previously forecasted that XRP would hit $0.88 by the beginning of December, now thinks the asset is poised to ascend toward $0.80 in the following weeks. Moreover, they believe the $1 milestone would be achieved in January 2024.
The host of YouTube’s channel CryptoTV also chipped in, maintaining that XRP has been doing “its own thing” in the past few days, defying the reigning trends in the cryptocurrency market.
He described the asset’s recent consolidation as “a bit concerning,” hinting that a price correction below $0.60 might be in the cards. Still, the analyst remains confident that the community would witness an XRP bull run in the long term:
“As I’ve said before, XRP is primed, due, and ready to break to the upside; it’s just a matter of when.”
It is worth noting that some on-chain metrics show that the token might indeed slow its pace. The number of executed XRP transactions has plunged to approximately 600,000 on December 7. In comparison, that figure reached almost 1.5 million earlier this week.
The number of newly activated XRP accounts has also been on a downfall: from over 3,200 on November 22 to less than 750 on December 7.
Those curious to find out how Ripple’s coin might perform in the remaining weeks of 2023 could take a look at our dedicated video below:
