As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself intrigued by the current state of XRP. The recent downturn in trading volume and subsequent price drop has been a common occurrence in the world of cryptocurrencies, but the magnitude of XRP’s decline is striking.
Remembering the remarkable rally of XRP following Donald Trump’s reelection, I can’t help but feel a sense of deja vu. The over-indexed price performance during that period was indeed impressive, but as we all know in this game, what goes up must come down.
However, there seems to be a silver lining here. The current 7-day price decline has created an opportunity for savvy altcoin traders like myself. If trading volume picks up again, as analysts predict it will, XRP could potentially surge, making this a strategic time to consider investing at a slightly discounted price compared to earlier December.
Technical analysis, particularly the Fibonacci and Elliot Wave analyses, suggest a bullish reversal is on the horizon for XRP as we welcome the New Year. Renowned technical chart analyst Peter Brandt even predicts a $2.71 target for XRP soon. Add to that the optimistic projections of popular XRP analyst MikyBull Crypto who expects a $4 Ripple in the near future, and it’s hard not to feel bullish about this cross-border settlement token.
So, while I always remind myself to never forget the volatility inherent in cryptocurrencies, I must admit that the current state of XRP has me feeling a bit like a kid in a candy store – if that candy store was a roller coaster with a sign that said “Buckle up for an exciting ride!”
And to lighten the mood, let’s not forget the old adage: “Buy the rumor, sell the news.” In this case, perhaps we should say, “Buy the dip, hold the gains.” After all, in the world of crypto, the only constant is change!
As a crypto investor, I noticed that during the trading day on Monday, a few hourly red candles appeared, gradually dragging Ethereum, Dogecoin, and Avalanche towards the red for the entire week ending Monday.
However, no declines in the top ten cryptocurrencies were as substantial as those experienced by XRP, as the US East Coast day transitioned to evening on Monday. By the end of trading on Wall Street, Ripple’s tokens had dropped by more than 7% over a 7-day period on crypto exchanges that operate continuously.
XRP Daily Volume Drops 93% in Dec
A significant reason for the drop in XRP’s price on Monday could be attributed to a substantial decrease in trading activity on prominent crypto platforms such as Binance, Kraken, and KuCoin.
The daily trading volume of XRP dropped from approximately $37.5 billion at the beginning of December to around $2.5 billion by Sunday evening, a significant decrease that occurred less than a month ago. It’s worth noting that XRP had been one of the top performers among its peers in November and December following Donald Trump’s successful reelection on Nov. 5.
During the period from January 1st to December 25th, XRP significantly outperformed its competitors in the cross-border token sector. In comparison, XRP’s yearly return was 247%, while Bitcoin managed 126%, Solana achieved 75%, and Ethereum saw a rise of 49%.
Traders of altcoins may have anticipated a drop in Ripple’s price and trading volume due to its tendency to revert to the usual trend for digital currencies. In contrast, Bitcoin and Ethereum experienced less significant reductions in trading volume compared to Ripple during this month.
Bullish Sign for XRP’s Price Soon?
As a researcher, I find this intriguing: Ripple’s price surged by 10% in December, yet the trading volume remained low. This implies that when volume picks up again, it could potentially surge even higher. At the moment, the recent 7-day price dip has opened up a strategic buying opportunity for altcoin traders, allowing them to invest in Ripple at prices higher than those seen earlier in December.
Crypto X analyst Zach Rector describes XRP as “incredibly undervalued.”
Ripple Incredibly Undervalued! #XRP
— Zach Rector (@ZachRector7) December 29, 2024
Starting January, the patterns indicated by Fibonacci and Elliot Wave analysis suggest a potential bullish turnaround. If we observe XRP’s price graph, it appears to be forming a descending wedge pattern since December 1st, assuming the price doesn’t fall below the crucial support level at $2.
Noted chart analyst Peter Brandt anticipates a rise towards $2.71 for XRP in the coming period. Furthermore, well-known cryptocurrency analyst MikyBull Crypto foresees a potential value of $4 for Ripple within the short term.
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2024-12-31 10:14