The popular token, used by Ripple, is falling 9% on Monday, December 9, following the declines of Bitcoin and Ethereum.
However, the long-term XRP price predictions and technical analysis suggest the XRP price may rise to new all-time highs.
XRP's price
has declined sharply due to massive liquidations and profit-taking following
November's rally. The token faces bearish sentiment in derivatives markets, while Bitcoin and Ethereum attract more investor attention.
On Monday,
December 9, 2024, the price of XRP, the token used by Ripple, dropped by 9%,
hitting intraday lows of $2.36. While XRP/USDT on Binance remains near all-time
highs, today's decline marks the steepest drop in over two months.
Why Is XRP Price Down Today?
Market Dynamics and Price Action
The
cryptocurrency market is witnessing a notable divergence as XRP experiences
significant selling pressure. According to CoinMarketCap, XRP is among the
leading decliners during Monday's session, with its market capitalization
shrinking to just under $136 billion.
The price of XRP has fallen by 9% in a single session. Source: TradingView
XRP is declining alongside the broader market. Source: CoinMarketCap
Total long
liquidations amounting to $358 million in the last 24 hours have amplified the
price drop, creating a cascade effect in the market. For XRP alone, leveraged
long position liquidations are currently the fifth largest in the market,
totaling $14.5 million, according to Coinglass data.
XRP Technical Analysis and
Market Metrics
The current
market structure presents concerning signals for XRP holders. On the intraday
hourly chart, XRP's price has dropped below short-term support around $2.4597,
breaking through the trendline drawn from local lows at $2.0275. This move
suggests the potential for further short-term depreciation toward the mentioned
support levels or the trendline extending from the late-November lows.
Short-Term Support and
Resistance Levels (H1 Chart)
Support
Zones:
$1.5971:
The peak from November 24.
$1.9951:
Local highs from late November to early December.
$2.2075:
The trendline coinciding with early December lows.
Resistance
Zones:
Trendline
originating from December 5.
$2.4957: A
zone defined by early December highs.
$2.7897:
Local highs from December.
$2.8681:
Another set of local highs from December.
On the
daily chart (D1), the long-term outlook for XRP remains bullish, with a
projected rise toward the $5 mark. This optimistic forecast is based on a
technical pattern evident on the chart. A “pole” formed throughout
November, followed by the current correction resembling a “flag.” A
breakout above this flag pattern could result in a measured target nearly double
the current price levels.
At the same
time, XRP is holding support at the 23.6% Fibonacci retracement level, near
$2.33, which could provide a foundation for potential recovery if buying
pressure increases.
Flag pattern on the XRP daily chart. Source: TradingView
Some of the forecasts are even more ultra-bullish:
However, in
the short term, the funding rate has turned negative at -0.0885%, suggesting
strong bearish sentiment in derivatives markets. Open interest has declined by
4.25%, reflecting diminishing trader confidence.
Fundamental Factors for
XRP Price
Bitcoin's Dominance
Bitcoin's
historic breakthrough to $100,000 has redirected market focus and capital
flows. While BTC’s November rally provided support for XRP, investor focus has
now shifted back to the leading cryptocurrency. This shift has led to increased
capital inflows into BTC, resulting in a relative decline in demand for
altcoins like XRP.
Regulatory Environment
Despite
Trump's nomination of a pro-crypto SEC chair candidate, ongoing regulatory
uncertainties continue to impact XRP's market performance. The previous legal
battles have left a lasting impact on investor sentiment.
Historical Context and
Price Patterns
Before this
decline, XRP had experienced remarkable growth, reaching $2.90 in early
December 2024. This surge represented a 375% increase over 30 days, potentially
setting up conditions for the current correction.
XRP Price Prediction, FAQ
Section
Why is XRP falling?
XRP is
falling due to a combination of factors, including profit-taking after
November's rally, bearish sentiment in derivatives markets, and broader market
liquidations. Over $14.5 million in leveraged long XRP positions were
liquidated in the last 24 hours, amplifying the downward pressure.
Additionally, market attention has shifted toward Bitcoin following its
historic surge to $100,000, diverting capital flows away from altcoins like
XRP.
Will XRP ever go up in
price?
Despite the
current decline, XRP's long-term outlook remains bullish based on technical
patterns such as the flag formation on the daily chart. If the price breaks out
above the current correction zone, it could target levels near $5. However,
this is contingent on increased buying pressure and improved market sentiment.
How low can the XRP price
fall?
In the
short term, XRP could test lower support levels around $2.2075 or $1.9951, as
suggested by the intraday chart. A breach of these levels might push the price
toward $1.5971, the peak from late November. The price could also revisit the
23.6% Fibonacci retracement level at $2.33 if selling pressure persists.
Is XRP worth holding?
XRP remains
a speculative asset with both high risks and high rewards. Its long-term
bullish potential, as indicated by technical analysis, may appeal to investors
with a higher risk tolerance. However, ongoing regulatory uncertainties and
market volatility require careful consideration. Holding XRP should align with
an investor's broader strategy and risk appetite.
XRP's price
has declined sharply due to massive liquidations and profit-taking following
November's rally. The token faces bearish sentiment in derivatives markets, while Bitcoin and Ethereum attract more investor attention.
On Monday,
December 9, 2024, the price of XRP, the token used by Ripple, dropped by 9%,
hitting intraday lows of $2.36. While XRP/USDT on Binance remains near all-time
highs, today's decline marks the steepest drop in over two months.
Why Is XRP Price Down Today?
Market Dynamics and Price Action
The
cryptocurrency market is witnessing a notable divergence as XRP experiences
significant selling pressure. According to CoinMarketCap, XRP is among the
leading decliners during Monday's session, with its market capitalization
shrinking to just under $136 billion.
The price of XRP has fallen by 9% in a single session. Source: TradingView
XRP is declining alongside the broader market. Source: CoinMarketCap
Total long
liquidations amounting to $358 million in the last 24 hours have amplified the
price drop, creating a cascade effect in the market. For XRP alone, leveraged
long position liquidations are currently the fifth largest in the market,
totaling $14.5 million, according to Coinglass data.
XRP Technical Analysis and
Market Metrics
The current
market structure presents concerning signals for XRP holders. On the intraday
hourly chart, XRP's price has dropped below short-term support around $2.4597,
breaking through the trendline drawn from local lows at $2.0275. This move
suggests the potential for further short-term depreciation toward the mentioned
support levels or the trendline extending from the late-November lows.
Short-Term Support and
Resistance Levels (H1 Chart)
Support
Zones:
$1.5971:
The peak from November 24.
$1.9951:
Local highs from late November to early December.
$2.2075:
The trendline coinciding with early December lows.
Resistance
Zones:
Trendline
originating from December 5.
$2.4957: A
zone defined by early December highs.
$2.7897:
Local highs from December.
$2.8681:
Another set of local highs from December.
On the
daily chart (D1), the long-term outlook for XRP remains bullish, with a
projected rise toward the $5 mark. This optimistic forecast is based on a
technical pattern evident on the chart. A “pole” formed throughout
November, followed by the current correction resembling a “flag.” A
breakout above this flag pattern could result in a measured target nearly double
the current price levels.
At the same
time, XRP is holding support at the 23.6% Fibonacci retracement level, near
$2.33, which could provide a foundation for potential recovery if buying
pressure increases.
Flag pattern on the XRP daily chart. Source: TradingView
Some of the forecasts are even more ultra-bullish:
However, in
the short term, the funding rate has turned negative at -0.0885%, suggesting
strong bearish sentiment in derivatives markets. Open interest has declined by
4.25%, reflecting diminishing trader confidence.
Fundamental Factors for
XRP Price
Bitcoin's Dominance
Bitcoin's
historic breakthrough to $100,000 has redirected market focus and capital
flows. While BTC’s November rally provided support for XRP, investor focus has
now shifted back to the leading cryptocurrency. This shift has led to increased
capital inflows into BTC, resulting in a relative decline in demand for
altcoins like XRP.
Regulatory Environment
Despite
Trump's nomination of a pro-crypto SEC chair candidate, ongoing regulatory
uncertainties continue to impact XRP's market performance. The previous legal
battles have left a lasting impact on investor sentiment.
Historical Context and
Price Patterns
Before this
decline, XRP had experienced remarkable growth, reaching $2.90 in early
December 2024. This surge represented a 375% increase over 30 days, potentially
setting up conditions for the current correction.
XRP Price Prediction, FAQ
Section
Why is XRP falling?
XRP is
falling due to a combination of factors, including profit-taking after
November's rally, bearish sentiment in derivatives markets, and broader market
liquidations. Over $14.5 million in leveraged long XRP positions were
liquidated in the last 24 hours, amplifying the downward pressure.
Additionally, market attention has shifted toward Bitcoin following its
historic surge to $100,000, diverting capital flows away from altcoins like
XRP.
Will XRP ever go up in
price?
Despite the
current decline, XRP's long-term outlook remains bullish based on technical
patterns such as the flag formation on the daily chart. If the price breaks out
above the current correction zone, it could target levels near $5. However,
this is contingent on increased buying pressure and improved market sentiment.
How low can the XRP price
fall?
In the
short term, XRP could test lower support levels around $2.2075 or $1.9951, as
suggested by the intraday chart. A breach of these levels might push the price
toward $1.5971, the peak from late November. The price could also revisit the
23.6% Fibonacci retracement level at $2.33 if selling pressure persists.
Is XRP worth holding?
XRP remains
a speculative asset with both high risks and high rewards. Its long-term
bullish potential, as indicated by technical analysis, may appeal to investors
with a higher risk tolerance. However, ongoing regulatory uncertainties and
market volatility require careful consideration. Holding XRP should align with
an investor's broader strategy and risk appetite.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
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Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
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👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
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📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
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🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
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