As a seasoned crypto investor with years of experience navigating through the volatile waters of the digital asset market, I find myself both intrigued and slightly concerned by the current state of XRP. The recent events have been a rollercoaster ride, from the initial bullish momentum sparked by the launch of its stablecoin to the subsequent nosedive caused by the broader market sell-off.
TL:DR;
- Ripple’s cross-border token took the recent market-wide meltdown quite badly, with its price dumping from over $2.7 to under $2 within days.
- The asset has recovered some ground but now sits at a pivotal level that will determine whether it resumes its bull run or slips once again.
On Monday, the start of the work week saw a positive trend for XRP, as the company associated with it announced that their much-awaited stablecoin would become available for trade the following day.
Initially soaring from around $2.4 to over $2.7 as the launch date approached, XRP experienced a significant increase. Unfortunately, this upward trend did not last long, as it quickly changed direction soon afterward. The overall market’s downturn then caused XRP to plummet sharply.
Indeed, Ripple’s token plummeted by about 28% from its previous high to reach $1.96. Some large XRP investors seized this moment to accumulate even more tokens, which may have contributed to the asset regaining some value as it surged close to $2.4 the day before.
Despite regaining some ground, XRP has once more faltered, finding it hard to maintain values above $2.2. As per the insights of well-known crypto expert Ali Martinez, this specific level plays a crucial role in determining XRP’s potential price fluctuations moving forward.
Should it hold onto it, the token might rekindle its bullish trend and potentially reach $2.7 again. Conversely, if it drops below it, there’s a risk of it dipping under $2 for the third time this month.
If XRP maintains its position above $2.20, it could potentially stabilize for some time before attempting to surpass the $2.70 resistance again. However, if the $2.20 level fails as support, a decline towards $1.96 becomes likely.
— Ali (@ali_charts) December 21, 2024
Today, XRP dipped below the mark to hit $2.17, but it has since rebounded, temporarily at least. The upcoming days are significant as they will help predict where XRP’s year-end closing price will land and whether or not we’ll see the anticipated “Santa Claus rally” in its price movement.
After the latest adjustment, XRP’s market value now falls below $130 billion again. Consequently, Tether (USDT) has overtaken XRP in terms of market cap, with its own standing at roughly $140 billion, thus snatching the third-place position from XRP.
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2024-12-22 11:06