XRP Price to Hit $3 By Christmas?

XRP has been a subject of discussion and speculation throughout 2024, particularly as analysts predict it could surge to $3 by the end of the year. But what is fueling these bullish forecasts, and how realistic is the target of $3, considering current market trends? Here are some technical factors contributing to the optimistic price projection and the possibility of XRP hitting $3 by Christmas.

The Current State of XRP

As of late September 2024, Ripple’s native token has shown strong performance, climbing from lows of around $0.59 to over $0.66 in a span of a few weeks. 

Current data shows a continuous decrease in the supply of XRP on exchanges over time. Within the last 6 months, the supply fell from around 3.12 million to approximately 2.6 million.

This reduction in supply on exchanges typically suggests that more investors are moving their tokens off exchanges and into private wallets. This could indicate a growing long-term holding sentiment or “HODLing” behavior among holders.

Such trends often correlate with bullish expectations. The reduced supply of tokens on exchanges can decrease selling pressure, potentially driving prices upward. Additionally, the reduction in exchange supply aligns with analysts predictions that the token could follow a surge. Some experts even expect XRP to reach $3 by the end of 2024​.

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Analysts’ Predictions: Is $3 Achievable?

Several prominent analysts have shared their views on the token’s potential to hit $3 by the end of 2024. One such prediction comes from Myles G Investments, who has projected that XRP could reach $3 by Christmas, a 360% increase from its current trading range of around $0.65​. This price point would bring XRP close to levels last seen in 2018, before the prolonged bear market and legal struggles that followed.

Technical analysts have also pointed to XRP breaking through major resistance levels. Notably, Anup Dhungana, a trader, recently said that the token’s movement above the $0.65 range could signal the start of an upward trajectory​.