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After going up and down, XRP price ended December at around $2.08. Although December ended at just above $2, XRP price went on an uptrend in the first half of the month, peaking at around $2.9, its highest price in nearly six years.
Despite ending the month down 28% from its six-year peak, XRP nevertheless achieved its highest monthly candlestick close in history. This interesting phenomenon was also noted by crypto analyst Tony Severino, who suggested that XRP price is expected to reach $13 this cycle.
Completed candle body with XRP price at all-time high
Based on data from CryptoRank, XRP ended December up 6.94% from its start, building on an unexpected 281.7% gain in November. During this period of price growth, XRP received a lot of attention from crypto analysts and investors, with various predictions that the bullish momentum would continue until 2025.
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However, Bitcoin’s failure to cross the $100,000 price mark appears to have stalled XRP’s momentum like many other cryptocurrencies. This caused XRP to spend the second half of December on a path of correction and consolidation. Nevertheless, XRP’s bullish trajectory remains valid, and recent technical analysis by crypto analyst Tony Severino also feeds into this.
XRP price hit its current high of $3.40 in January 2018, but ended the month at $1.124 to start a streak of bearish candlesticks on the monthly time frame. As Tony Severino pointed out in XRP Monthly Candlesticks, December 2024 was the highest monthly closing price for XRP price.
Although the cryptocurrency failed to surpass its current all-time high during December, it managed to achieve this notable milestone. Although this is not a very technical indicator, it speaks to the lingering bullish momentum surrounding the XRP price and prevents the price from falling further below $2.
Source:X
Technical analysis suggests a price target of $13
Crypto analyst Tony Severino also highlighted an interesting technical pattern playing out on XRP’s daily candlestick time frame. According to analysts, bullish flags appear to be emerging after XRP’s price correction in December.
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The bull flag pattern identified by Severino is a technical setup that is often associated with large price spikes. It is characterized by a sharp rise in November followed by a period of consolidation in a descending channel in December.
An upward breakout from a bull flag pattern usually results in a continuation of the initial rally. In the case of XRP, Tony Severino predicted that XRP would skyrocket to $13 within the next few months.
Source:X
At the time of writing, XRP is trading at $2.37, up about 12% in the past 24 hours. Reaching the expected target of $13 would represent a 450% profit from the current price level.
Price regains $2.4 in impressive recovery | Source: XRPSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
