The price of XRP ended December at around $2.08 after a period of going back and forth between gains and losses. Although the price of XRP ended just above the $2 mark, the price of XRP went on a bullish run in the first half of the month, peaking around $2.9, its highest price in more than six years.
Despite ending the month down 28% from its six-year high, XRP nevertheless achieved its highest monthly candle close in its history. This is an interesting phenomenon was noticed Crypto analyst Tony Severino, who also suggested that the price of XRP is on track to hit $13 this cycle.
XRP price completes the highest candlestick body in history
XRP ended December up 6.94% from where it started, building on a surprise 281.7% gain in November. Data from CryptoRank. During this bullish period, XRP received significant attention from cryptocurrency analysts and investors, with various predictions of continued upward momentum until 2025.
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However, Bitcoin Breakthrough above $100,000 The price signal seems to have stopped XRP's movement Along with many other digital currencies. This led XRP to spend the second half of December on a correction plus consolidation path. however, The upward path is still valid For XRP, this has also been voiced by a recent technical analysis by crypto analyst Tony Severino.
XRP price reached its current high of $3.40 in January 2018, but ended the month at $1.124 to begin consecutive bearish candles on the monthly timeframe. As noted in the monthly XRP candles by Tony Severino, December 2024 was the highest monthly close for the XRP price.
Although the digital currency failed to surpass its current record high in December, it managed to achieve this remarkable milestone. While this is not a technical indicator, it supports the sustained bullish movement around the XRP price, which has prevented the price from falling further below the $2 level.
Technical analysis points to a price of $13
Tony Severino, cryptocurrency analyst is also highlighted An interesting technical pattern running on the XRP candlestick daily time frame. According to the analyst, a bull flag appears 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 accompanied by significant price increases. It is characterized by a sharp uptrend in November followed by a stabilization period in a downsloping channel in December.
An upward breakout of a bull flag pattern usually results in a Continuation of the initial rally As for XRP, Tony Severino predicted that XRP will reach $13 in the coming months.
At the time of writing, XRP is trading at $2.37, up about 12% in the last 24 hours. Achieving the projected target of $13 would mean a 450% upside from the current price level.
Featured image created with Dall.E, chart from Tradingview.com
