Despite the ongoing bear market, investors are showing a renewed interest in cryptocurrency. There is a lot of speculation that XRP will see massive growth at some point in 2022 and it could be traders’ last chance to invest before this next bull run takes place.
The “could ripple reach $10,000” is a question that many are asking. The price of Bitcoin has been flatlining and it’s no wonder why. There is an upcoming massive altcoin move set for 2022.
On December 23, Bitcoin (BTC) remained steadfastly inside its narrow range, as price behavior continued to defy heavy purchasing activity.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
Hodlers are busy amassing wealth.
BTC/USD failed to sustain $49,000 after achieving ten-day highs, according to data from Cointelegraph Markets Pro and TradingView.
The pair remained trapped in a trading range of just around $4,000, fueling expectations that a “short squeeze” would occur during the holidays.
In the face of reducing volatility, statistics showed that investors were more confident than ever, with supplies being purchased at almost three times the pace of new BTC being created.
In the latest issue of its weekly newsletter, The Week Onchain, on-chain analytics company Glassnode detailed how “strong handed HODLers are devouring supply at more than quadruple the pace of new coins being generated each day.”
Furthermore, at a spot price of $47,000, almost a fifth of the BTC supply was underwater compared to when it last moved, according to Glassnode.
According to Cointelegraph, the possibility of a BTC/USD squeeze up or down will likely grow in the new year as lower activity thins out liquidity and allows for greater volatility to enter.
#BTC Update: #Bitcoin has increased by 8%. After selling $52k, I re-entered at $46k and went back up to $50k.
From here, it’s likely to be a throwback and an S&R flip. In case you missed this rebound, only a breakthrough over $50k would be a big breakout and LONG entry #midterm (downtrend breakout) pic.twitter.com/eKICOZLza6
December 22, 2021 — ANESSA (@Anbessa100)
Traders were looking for a return of a more optimistic position around $50,000.
As cryptocurrencies simmer, XRP gets a “Santa rally.”
Only two of the top ten cryptocurrencies by market size were still in the green on daily timescales at the time of writing, indicating that Wednesday’s euphoria was dissipating among altcoins.
BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE: Price Analysis 12/22
XRP was the standout, with weekly gains of over 18% to return over $1 for the first time since the beginning of December. The price of Ether (ETH) had dropped below $4,000 once again.
1-day candle chart for XRP/USD (Bitstamp). TradingView is the source of this information.
However, according to Cointelegraph writer Michaal van de Poppe, indicators of a new year’s resurgence made purchasing this week a sound idea.
“On the cryptocurrencies, more and more weekly charts are shaping up brilliantly,” he informed Twitter followers.
“The year 2022 is going to be huge.”
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