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XRP and XLM are in corrective descending triangles near their apex, signaling an imminent breakout as prices approach critical levels following yearly highs.
The XRP price has slumped more than 5% today, sparking speculations over the future of the asset among investors. Notably, the recent dip comes amid volatile trading in the broader crypto market, with most of the assets taking the hit.
XRP just gave the entire crypto market a reality check, plunging 5.2% in the last 24 hours and wiping out gains faster than a rug-pull. Other big players like Dogecoin (DOGE), Solana (SOL), Ethereum (ETH), and Binance Coin (BNB) followed suit, shedding up to 2%.
XRP currently trades at $2.24, fluctuating slightly within a consolidation phase. Its journey toward the $10 mark before Trump's inauguration in January faces skepticism, primarily due to prevailing resistance levels and market conditions.
The price of XRP is showing early signs of a rebound after a weeklong drawdown fueled a more than 6% loss. At the time of writing, data from CoinMarketCap shows that the 24-hour trading volume is up 87% to $4.57 billion.
The most anticipated question of who could be the next SEC Chair finally came to an end when President-elect Donald Trump officially nominated Paul Atkins as the next SEC Chair. But there are still some questions on investors' minds as to how Atkin will address the ongoing crypto cases.
The XRP community is eagerly anticipating the US SEC appeal deadline on Jaunary 15th and its potential impact on the XRP ETF prospects. Notably, in November, the agency had requested an extension to submit its appeal by early January, with some speculating that the delay was to wait for the US election results.
It is interesting to note that the current market situation has still not been able to change the optimistic minds of some experts.
Ripple's XRP has been consolidating below a crucial resistance level for over a month, leaving investors disheartened. Despite high expectations for a rally, the altcoin has failed to gain upward momentum, drives frustration among traders.
XRP has firmly positioned itself as one of the top winners in the current market cycle, emerging from a prolonged consolidation below $1. Several key fundamentals suggest that this momentum could continue into the new year.
Since the price of Ripple (XRP) is still moving in a triangular pattern, which indicates market hesitation, it is now trading in the green zone. Although it's hard to tell if this pattern will break higher or lower, this kind of consolidation frequently signals a significant move in either way.
XRP's bullish potential hinges on favorable market trends, strong adoption, and investor confidence.
XRP has been one of the weakest performers among large-cap cryptocurrencies recently. While many digital assets are facing a market-wide downturn, XRP's price has taken a more significant hit, losing almost 30% of its recent gains and struggling to hold above the $2 mark.
On the second to last day of 2024, XRP (Ripple) recorded a negative performance, leading the losses in the bull sector.
As of 9:07 a.m. UTC on Dec. 30, the global cryptocurrency market capitalization stands at $3.43 trillion, reflecting a 2.8% decline over the past 24 hours. The 24-hour trading volume across the market is $123.37 billion, signaling relatively subdued activity. BTC, ranked #1, is trading at $93,652.80, down 1.
With less than a few days left until the 2024 end, the markets are facing a major volatility issue as the buyers remain passive. As a result, the volume has dropped to a large extent, indicating the sluggish behaviour of the market participants due to uncertainty circulating around major tokens like Bitcoin, Ethereum, XRP, etc.
XLM is the other substantial loser from the larger-cap alts.
Ripple's XRP is caught in a tight trading range, showing little sign of a decisive breakout or reversal. The token's price action remains choppy, with sideways movement dominating its performance.
The long-running XRP lawsuit has been on the investors' radar this year, with a flurry of developments sparking market discussions. Besides, with pro-crypto Paul Atkins gearing up to replace the current US SEC Chair, Gary Gensler, the optimism further soars indicating a potential surge in Ripple price ahead.
Ripple's RLUSD stablecoin has experienced an extraordinary 170% surge in trading volume over the past 24 hours, pushing its market cap to $53 million. This surge occurs amid growing uncertainty surrounding Tether's USDT due to the European Union's MiCA regulatory compliance deadline, which could potentially lead to USDT's discontinuation in the region.
XRP has been stuck in a prolonged consolidation phase, preventing the altcoin from reaching the $3.00 mark this year.
XRP is among the poorest performers from the larger-cap alts.
A stronger dollar historically tends to make dollar-denominated assets like bitcoin and gold expensive, leading to weakened demand in the short term.
A prominent analyst Armando Pantoja, who is an IBM blockchain award recipient and the member of the Benzinga crypto advisory board, has urged investors to stop doubting over XRP amidst the prevailing market uncertainty over the token.
