XRP has risen since November and recently broke through major barriers of $1 and $2. The cryptocurrency continued surging into December and has gained 29.15% this month alone. This strong performance has pushed XRP to the third largest cryptocurrency by market capitalization, with a value of $139.14 billion, up by 343% from November. Analysts now speculate that XRP could continue its rally, with the possibility of reaching $4 if it breaks key resistance levels.
Massive XRP Transaction
Among the events that grabbed the attention of the cryptocurrency market was a large transaction with 20 million XRP tokens. The transaction, estimated to be worth $47.23 million, was transferred from an unidentified wallet to the Bitstamp exchange in the past day. Whale Alert detected the movement, which has raised questions about potential XRP price fluctuations since the token has just come off a three-day decline.
XRP faces a support area between $2.09 and $2.28. Any trading above this range may mean more price increases. The next key level of resistance for XRP is $2.85, which has been an issue for the asset in the previous days. If the price breakout above this level occurs, XRP may reach $3 or even $4, thus hitting new high prices for the token.
On Saturday, XRP briefly rose to $2.50, its intraday high. As of press time, XRP is trading at $2.43 and has seen a 6.23% surge in the last 24 hours and a 29.31% gain in the last week alone.
Analysts Bullish on XRP
Some market analysts are quite optimistic about XRP’s future. Miky Bull recently posted that XRP may test $4 once it breaks and retests. He cited the token’s price surge as an indication that the price will continue to rise in the coming days.
Another analyst, Alan Santana, pointed to the bullish market on the XRPUSDT chart, highlighting the green candles and rising volume. He explained that, at the moment, the market is not giving any signals of a pullback, which may mean the upward trend may persist for some time.
XRP could nosedive to $1.79 once the $2.09 support level is broken. However, the market remains positive, with most eyes on XRP as the digital asset tries to rally past crucial resistance levels and push for new heights in the next few weeks.
