By AMB Crypto - 4 months ago - Reading Time: 3 minutes
Why XRP’s $1 price prediction is no longer feasible in 2023
XRP is set to end the year much lower than earlier predictions. A high level of liquidation may occur around $0.59 or $0.68.“XRP to $1″ – This is one phrase that appeared many times over the year.
However, with two days left till 2023 ends, this price prediction might not come to pass yet. But before AMBCrypto tells you why the rise to $1 is not possible this year, it is important to admit the reasons the forecast came to be.
According to our assessment of XRP and the market at large, the reason the prediction was rampant was because of the outcome of the case between Ripple and the U.S. SEC.
So, it was not surprising that the XRP Army called for the price when Judge Torres declared that the cryptocurrency was not a security.
Though Ripple’s partial win against the regulator set the tone for a rally above $0.90, XRP did not hit the $1 mark. Going into the last moments of the year, large transfers into exchanges indicate that XRP may end the year lower than $0.63.
On the 28th of December, Whale Alert posted that a whale had transferred 23.8 million XRP to the Bistamp exchange.
23,800,000 #XRP (14,840,298 USD) transferred from unknown wallet to #Bitstamphttps://t.co/HsLEUMPdyM
— Whale Alert (@whale_alert) December 28, 2023
A move like this suggests an intention to sell. This transaction could also lead to a decline in the XRP price action.
Around the same period, the whale tracking platform disclosed that another 24.8 million was sent to Latin American leading exchange Bitso.
This second transaction also confirmed AMBCrypto’s theory that XRP might face selling pressure.
Furthermore, the Liquidation Heatmap analyzed via HyblockCapital showed that both longs and shorts may need to be careful. Areas colored yellow represent a predicted high level of liquidation.
At this point, whales can make quick trades. However, retail traders risk losing money because of the potential use of high leverage in search of gains.
Based on XRP’s Liquidation HeatMap, high liquidations might occur around $0.59 to the downside. On the upside, the risks appeared around $0.68.
Source: HyblockCapital
Therefore, the likely move for XRP is to keep consolidation over the next few days. On the technical side, XPR was showing signs of a mild increase. This was because of the Awesome Oscillator (AO) and Relative Strength Index (RSI).
At press time, the RSI reading was 52.45 suggesting a bullish attempt at dictating the cryptocurrency’s momentum. It was also a similar case with the AO. The AO at the time of writing had flipped positive.
Source: TradingView
Read Ripple’s [XRP] Price Prediction 2024-2025
However, the indicators may need to trend higher for XRP to confirm a bullish bias for XRP. If not, the token might find it difficult to hit $0.65 or cross the level. Regardless of the recent price, there were still optimistic views about the token’s long-term potential.
For example, the JWK YouTube channel said in a session on the 27th of December that XRP might hit $352.59. The channel also gave a timeline, noting that the prediction could happen within five years.
Original source: AMB Crypto