Ripple (XRP) Price Forecast: Will it Fall Below $0.60 Despite Altcoin Rally?  

Key Insights: 

• Ripple (XRP) price remains rooted within the $0.62 – $0.61 narrow range this week, while trading volume shrinks. 
• On-chain data trends reveal that XRP struggles to attract market demand, largely due to the flat price action. 
• The Bollinger Band technical indicator highlights the specific resistance zone that the bulls must clear to regain control of the market momentum.  

Ripple (XRP) price continues to consolidate within the $0.62 – $0.61 narrow range this week, while rival top 20 ranking altcoins like Cardano (ADA) and Solana (SOL) have scored sizable gains. 

On-chain analysis identifies a major driving factor behind the flat XRP price action, as well as the key resistance level that could trigger a major breakout in the days ahead. 

XRP Trading Volume Has Declined by $150M Amid Price Downtrend  

XRP price tumbled toward $0.61 on Tuesday, Dec 19, down 10 % from last week’s peak of $0.67. Meanwhile, rival megacap altcoins such as Avalanche (AVAX), Cardano (ADA) and Solana (SOL) have made sizable gains.

On-chain data trends have identified the rapid decline in XRP trading volume as a pivotal factor holding back it from joining the altcoin market rally. 

According to Coinglass, XRP Daily Trading Volume has declined rapidly since the rejecting at the $0.68 range last week. The chart below illustrates that XRP trading volume has dropped $148.4 million, between Dec 9 and Dec 19.

Trading Volume measures the dollar value of the total number of trades involving a particular cryptocurrency on a given day. Typically, it measures the degree of market demand and economic activity that the asset attracts. 

When a trading volume for an asset declines during a broader altcoin market rally, it could be a signal that investors are over looking it for rival tokens with seeming better short-term profit prospects. 

With the likes of Avalanche, Cardano and Solana scoring historic double digit price gains this week, XRP losing traction makes it unattractive for positive investors and swing traders in the short term.  

XRP Price Forecast: Will it Fall Below $0.60?  

XRP price looks set to tumble below $0.60, given the current market dynamics. The price rebound prospects rests on heavily the other mega-cap altcoins retracing from their current euphoric peaks.

Without any significant bullish news event, the bears could force another downswing in below $0.60 in the days ahead. 

In the daily timeframe, Bollinger Band technical indicators also confirms this bearish stance. Its currently shows that with XRP currently trading at $0.60, it now dipped below the middle-band (SMA) of $0.63. 

However, if the current XRP investors can hold their positions, the bulls can regroup at the lower bollinger band around $0.59. Failure to trigger a rebound from the $0.59 support level could open the door to further XRP price downswing. 

Conversely, for the momentum to flip bullish, the XRP bulls will have to reclaim the $0.67 territory.