XRP closed December with a noteworthy achievement, recording its highest monthly candle body close ever at about $2.08. Though it experienced a 28% drop from its early December peak of $2.9, the cryptocurrency still managed a 6.94% gain from its starting point for the month.
This resilient performance followed November's impressive 281.7% rise, attracting the attention of analysts and investors anticipating continued bullish trends. Notably, crypto analyst Tony Severino forecasts XRP reaching a significant $13 price target, fueled by ongoing bullish momentum.
Severino points to the technical bull flag pattern on XRP’s daily candlestick timeframe as an indication of potential price breakout. Despite holding below its all-time high of $3.40 from January 2018, December's closing level stands as a key milestone.
Fueled by technical analysis, Severino's projection of XRP hitting $13 implies a substantial 450% gain from its current trading value of $2.37. This outlook underscores the robust bullish sentiment surrounding XRP, even amidst market corrections.
As Bitcoin's struggles above $100,000 impact various cryptocurrencies, the bull flag pattern offers a glimpse into the promise of forthcoming XRP rallies. If realized, this technical formation could propel XRP's price substantially upward in the coming months.
