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XRP price ended the month of December at around $2.08 after a period of going back and forth between gains and losses. Although it ended December just above the $2 mark, the price of XRP went through a bullish period in the first half of the month, which saw it peak around $2.9, its highest value in six years.
Despite ending the month with a 28% decline from this six-year peak, XRP nevertheless achieved the highest monthly candle close in its history. This is an interesting event was noted by crypto analyst Tony Severino, who also suggested that the price of XRP is on track to reach $13 this cycle.
XRP Price Completes Highest Candle Body Close in History
XRP ended December with a gain of 6.94% where it started, building on an unexpected 281.7% increase in November, according to the report. data from CryptoRank. This bullish period saw XRP garner a lot of attention from crypto analysts and investors, with various predictions of a bullish run going into 2025.
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Anyway, Bitcoin’s failure over $100,000 The price seems to have stopped the momentum of XRP alongside many other cryptocurrencies. This caused XRP to spend the last part of December on a correction and consolidation path. However, the bullish trajectory remains active of XRP, with the latest technical analysis of crypto analyst Tony Severino who also lends a voice to this.
The price of XRP registered its current high of $3.40 in January 2018 but closed the month at $1.124 to start a series of bearish candles during the monthly period. As shown in the XRP monthly candles by Tony Severino, December 2024 was the highest monthly close for the XRP price.
Although the cryptocurrency failed to surpass its current high during December, it managed to achieve this remarkable milestone. Although this is not a technical indicator, it gives voice to the ongoing bearish momentum surrounding the XRP price, which has prevented further price declines below the $2 mark.
Technical Analysis Points to $13 Target Price
Crypto analyst Tony Severino and highlighted an interesting technical pattern playing out during the XRP daily candle time period. According to the analyst, the bull flag appears to have appeared after the price correction of XRP in December.
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The bull flag pattern identified by Severino is a technical setup typically associated with significant price increases. It is characterized by a rising upward trend in November, followed by a period of downward channel consolidation in December.
An upward breakout from a bullish flag pattern usually leads to continuation of the first rally. In the case of XRP, Tony Severino revealed a break that will see XRP rise to $13 in the coming months.
At the time of writing, XRP is trading at $2.37 and is up about 12% in the last 24 hours. Reaching the $13 target would translate into a 450% gain from the current price level.
The featured image was created with Dall.E, a chart from Tradingview.com