XRP is showing signs of a potential rally in December, supported by a bullish continuation pattern called the bull flag. The price of this altcoin has been trading above the upper trendline of the bull flag, indicating the possibility of a surge of over 20% in the coming weeks.
However, weaker trading volumes suggest some uncertainty among traders regarding the sustainability of the bullish trend. If the bull flag scenario holds and is accompanied by increased trading volume, XRP could climb to around $0.75.
On the other hand, a break below the upper trendline could delay the bullish setup and bring the lower trendline into play. On-chain data shows a bullish sentiment for XRP, with significant accumulation by wealthy addresses.
It’s important to consider that the outcome of the legal battle between Ripple and the SEC could have a significant impact on XRP’s future price movements. The trial is expected to resume in April 2024, with the possibility of a potential settlement that could favor Ripple.
Source: CRYPTO INTELLIGENCE
