Despite the news that cryptocurrency exchange Coinbase will discontinue the wallet support services for XRP on November 29, the price o the seventh-ranked digital asset based on market capitalization has largely remained unmoved.
As the legal battle between its issuer, Ripple, and the United States Securities and Exchange Commission (SEC) rages on, many in the community will favor the blockchain company and keep a close eye on XRP over the festive period.
In this line, according to the historical data acquired by Finbold, over the last two Christmases, XRP has registered a steady year-on-year (YoY) growth. By factoring in several technical analysis (TA) indicators, XRP’s 2022 Christmas prediction is bearish, with the asset anticipated trade at $0.308 on December 25, according to CoinCodex.com prediction. As things stand, XRP is trading at $0.391, which would mark a -21% decrease.
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XRP’s 2022 bearish Christmas
Notably, on December 25, 2021, XRP traded at $0.91, recording a year-over-year gain of about 193.5% from 2020’s value of $0.31.
It is important to note that the market environment is still unfavorable compared to 2021 as we approach the holiday season this year. The cryptocurrency market as a whole saw a bull run in 2021, even though XRP was negatively affected by the ongoing case with the SEC.
In addition, the token is being used in a context characterized by rapidly escalating inflation and a string of high-profile occurrences. The Terra (LUNA) ecosystem crisis and the collapse of the FTX crypto exchange, for example, have negatively impacted the asset’s value.
Crypto community end-of-year prediction
In contrast to the prediction, the XRP community on CoinMarketCap remains bullish on the asset prospects by the end of 2022. The community is leveraging the price estimate feature projects that XRP will trade at an average of $0.4287 by December 31, 2022, which resulted from 970 votes.
Observing the XRP technical analysis (TA), it becomes clear that it is swinging to the ‘sell’ side, with the summary on the 1-week gauge suggesting ‘sell’ at 13, versus only 4 for ‘buy’ and 9 at ‘neutral.’
Upon closer inspection of these indicators, moving averages (MA) are in the ‘strong sell’ zone with 11 for ‘sell’, only 1 for ‘neutral, and 3 for ‘buy.’ In the meantime, oscillators are tilted to the ‘buy’ sentiment at 1, against ‘neutral’ at 8, and ‘sell’ at 2.
As things stand, XRP is changing hands at $0.391, down 2.07% in the last 24 hours and 4.02% in the previous week, with a total market capitalization of $19.6 billion, per data acquired by Finbold.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
