XRP price is undergoing a tight consolidation within a pre-determined range

Regardless of the sluggish price action, the accumulation continues, hinting towards the growing confidence of the investors in the long term

XRP price has been demonstrating sluggish price action as it continues to trade within a pre-determined range. However, regardless of the sluggish price action, the accumulation continues, hinting towards the growing confidence of the investors in the long term.

The price of XRP is trading within a narrow range below $2.5, which has now become one of the important levels to reverse the ongoing trend. With this, the investor’s interest in the token appears to have waned as the token has not displayed any major price action.

Moreover, the volume has dropped heavily from the levels above $4 billion to the levels around $2 billion, which substantiates the bearish claim. However, a couple of catalysts are expected to enhance the volatility, which could probably push the price above the accumulated range.

Besides a potential XRP ETF, the platform’s stablecoin, RLUSD, is gaining more ground after the US government unveiled the Genius Act to legalize its usage. On the other hand, XRP is slowly challenging the dominance of SWIFT with instant settlement and cheaper transaction fees.

In a recent development, the Dubai government has chosen the XRP ledger to power its real estate tokenization project, which aims to digitize $16 billion in property assets by 2033. This is believed to accelerate the mainstream adoption significantly.

This analysis was originally posted on December 19, 2023, and updated at 10:07 AM EST to reflect the current market trends and provide technical insights into the expected movements of the XRP token.

The crypto market has witnessed a shift in momentum, with Bitcoin price testing the crucial $70,000 support. A decisive close below this level could open doors for further declines.

As the monthly close approaches, several altcoins are poised for potential breakouts or breakdowns, which will determine the direction of the market in the coming weeks.

Among the altcoins to watch are Monero, which is facing resistance at the Fib level and could see a breakout if the buyers push the price further.

On the other hand, Aptos is approaching a crucial Fib level, where sellers might intervene to stall the ongoing rally.

Among the other altcoins in focus are Aave, which is showing signs of a breakout from the rectangular pattern, and Toncoin, which is showing strong recovery from the lows.

Stay tuned for the latest market updates and technical analysis.

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In other news, Bitcoin price hovers around a crucial support level that may decide the next major move. A decisive close below $68,000 could open the door for a continuation of the downtrend from the highs of around $79,000.

On the other hand, if the bulls manage to defend the support and push the price back above the overhead resistance at $73,000, it could pave the way for a retest of the all-time highs.

As the monthly candle approaches closure, several altcoins are poised for potential breakouts or breakdowns, which will determine the direction of the market in the coming weeks.

Among the altcoins to watch are Monero, which is facing resistance at the Fib level and could see a breakout if the buyers push the price further.

On the other hand, Aptos is approaching a crucial Fib level, where sellers might intervene to stall the ongoing rally.

Among the other altcoins in focus are Aave, which is showing signs of a breakout from the rectangular pattern, and Toncoin, which is showing strong recovery from the lows.

Stay tuned for the latest market updates and technical analysis.

This analysis was originally posted on December 19, 2023, and updated at 10:07 AM EST to reflect the current market trends and provide technical insights into the expected movements of the XRP token.

The crypto market has witnessed a shift in momentum, with Bitcoin price testing the crucial $70,000 support. A decisive close below this level could open doors for further declines.

As the monthly candle approaches closure, several altcoins are poised for potential breakouts or breakdowns, which will determine the direction of the market in the coming weeks.

Among the altcoins to watch are Monero, which is facing resistance at the Fib level and could see a breakout if the buyers push the price further.

On the other hand, Aptos is approaching a crucial Fib level, where sellers might intervene to stall the ongoing rally.

Among the other altcoins in focus are Aave, which is showing signs of a breakout from the rectangular pattern, and Toncoin, which is showing strong recovery from the lows.

Stay tuned for the latest market updates and technical analysis.

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