|Month||XRP Price||% Change|
Read more: Top Crypto Price Prediction 2023
Ripple price has been impacted severely by the prevailing bear market. It is among the token which failed to mark new highs during the bull rally in 2021 and also maintained a descending consolidated trend throughout 2022. However, as the trade approached the yearly close, the price is gaining significant strength and rose high.
Ever since the XRP price marked the lows due to the FTX fiasco, it is maintaining a notable upswing along an ascending trend line. This could help the price to close the 2022 trade on a bullish note, laying down a foundation for a bullish 2023. However, the volume remains relatively low which may hinder the pace of the upswing, keeping the trend consolidated.
Ever since Ripple ignited a recovery phase post the 2018 bear market, it has been flowing along the lower trend line. Each time the token tests these levels during the ongoing bear market, a notable upswing is triggered, strengthening the multi-year trend line. The token till the end of 2022 trade may follow the trend and eventually attempt to close the yearly trade on a bullish note.
In the year 2023, it could maintain a similar trend and rise & test the lower trend line a couple of times, before igniting a fine upswing by the end of Q1 2023. The bears could, however, induce significant pressure and attempt to restrict the price below $0.65. But the markets than could have risen above the bearish sentiments and hence the bulls may uplift the price provided the buying pressure mounts notably.
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The Ripple price may have been following a decent upswing in the past few years, with elevated support levels, but from a wider angle, the trend continues to remain bearish. The lower support in the larger time frame continues to remain constant and hence a stagnant trend could be quite possible for some time. Just before the end of 2023, the bull run could be ignited which may raise the price level close to the trend line.
However, the price may face a rejection which could pull back the levels close to the lower support. As these levels have been maintained tightly, a rebound may be imminent which may begin at the beginning of 2024, raising the levels close to $1. The year 2024 is believed to be pretty bullish with higher levels to be tested and cleared.
The historical trend of the Ripple price suggests the price trading within an expanding channel since the beginning. Excluding the 2018 rally where-in the XRP price manifested a huge fake out, the trend remained within the channel all over time. Presently, the XRP price is trading along the lower support levels which have not been breached ever since the beginning. Therefore, a decent rebound may be expected ahead.
Similar to 2022, 2023 is also expected to remain consolidated but with enhanced support & resistance levels. The price may also face a rejection which may further enable a firm upswing after being triggered with a rebound. Hence, the XRP price may still find it very difficult to form new highs but may eventually maintain a firm upswing in the longer-time frame.
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The daily active address(DAA) signifies the activity of the market participant over the network. It records the number of addresses interacting with the platform in a day, regardless of whether the traders are placing a buy order or a sell order or just swapping the tokens. All is considered as an activity and the address is considered active.
Considering the present condition, the DAA had risen finely from 26K to as high as 161.99K in the first few days of December. Woefully, with a slight change in the market trends, the DAA fell drastically back to its initial levels of around 30K at the moment. Currently, traders remain passive as the DAA is fining new lows in the past couple of days.
The Network growth is somewhat similar to DAA but with slight variations. It is the number of new addresses that transferred for the first time. It determines the user adoption over time which can be used to know whether the token is gaining strength or losing traction. With a rise in the network growth, the price is also speculated to be followed, but when it throttles, the beans are spelt.
The network growth was extremely high throughout the first half of 2022, but with the revival of the bearish trend, the levels slipped heavily towards 1390. However, a gigantic spike followed raising the levels to as close as 9897, indicating enormous new traders being carried out in the past 24 hours. Presently, the levels have been witnessing a slight pullback but could make it out within bullish levels soon.
The whale distribution usually determines huge accumulation done by an address over time. The addresses holding huge amounts of tokens are generally referred to as Whales and if they accumulate more tokens, it is considered a bullish signal for the crypto space. A similar trend is witnessed with the Ripple whale accumulation, presently.
The whales holding the XRP tokens above 1000 XRP to 10M XRP have been heavily accumulating XRP over time. This is a huge bullish signal for the token as the balance on exchanges has been dropping at the same time. Therefore, this accumulation is pointing towards a firm bull rally that may begin shortly.
Bitcoin tumbles 8% and other cryptocurrencies crash after Russia attacks Ukraine https://t.co/FmUtE3B4rO
— CNBC (@CNBC) February 24, 2022
today’s attack on Terra-Luna-UST was deliberate and coordinated. Massive 285m UST dump on Curve and Binance by a single player followed by massive shorts on Luna and hundreds of twitter posts. Pure staging. The project is bothering someone. 🌝 on the right path!
— Caetano Manfrini 🔺 (@caemanfrini) May 8, 2022
1) I’m sorry. That’s the biggest thing.
I fucked up, and should have done better.
— SBF (@SBF_FTX) November 10, 2022
I said it on day 1, we will aggressively fight to get clear rules for the entire industry in the U.S.
Congrats to all of Team Ripple for getting us to this point. Ripple stood strong and withstood the SEC’s onslaught. I look forward to being on the right side of justice. https://t.co/oKhKjIdTSW
— Brad Garlinghouse (@bgarlinghouse) December 2, 2022
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