XRP has fallen by over 25% to $2.13 after reaching a peak of $2.90, its highest since January 2018, due to profit-taking at overbought levels. As of December 23, the price is consolidating within a Fibonacci retracement range, facing resistance at $3 and support at $1.98. Analysts warn of a potential 15% drop toward $1.98 as XRP entered a correction phase. Additionally, whales are distributing their holdings which increases market supply, exerting downward pressure on prices. Technical patterns suggest a bearish outlook, with a descending triangle indicating a risk of further declines, potentially down to $1.69. However, some analysts believe XRP could reverse if it bounces back to $2.50, with potential gains up to $3.50 by January 2025, supported by optimistic market fundamentals, such as a possible positive outcome for Ripple in its SEC lawsuit and the development of an XRP derivatives exchange. Investors are advised to conduct their own research amid these market fluctuations.

Source 🔗