Bittime - XRP (XRP) price attempted a comeback with a spike in 24-hour trading volume above $1 billion. Short-term price predictions could become more bullish if XRP manages to break above the 21-day moving average (21DMA) and a significant long-term uptrend.
The last 24-hour trading volume reached $1.32 billion, the highest in three days. XRP is currently trading below $0.55 and eyeing a test of the 21DMA at $0.5530.
If it manages to break this level, XRP has the potential to retest the 2023-2024 uptrend around the $0.57 area.
Check Today's Crypto Market:
In this area, many downside bets on XRP (XRP bears) may add to their short positions. In any case, XRP's drop below its long-term uptrend is a very bearish signal.
That could mean high selling pressure and a recovery back to $0.57 could be short-lived.
Also read: XRP Breakout: Latest XRP (XRP) Price Analysis and Predictions
However, if XRP can rally (rise sharply) back above this long-term uptrend, that means the last drop was a trap.
Opportunities for a rise towards the late 2023 and early 2024 double top around $0.75 could occur.
Given that the broader cryptocurrency market may be gearing up for a post-Bitcoin halving rally, the possibility of an XRP rally should not be ignored.
Macro pressures seem to have eased before the release of US core PCE inflation data on Friday. And Bitcoin (BTC) looks cheerful after the halving, with its price recovering above $66,000.
XRP Price Prediction - Will XRP Bounce Back?
XRP holders (XRP bulls) certainly hope that the recent increase in XRP prices marks the start of a revival for this cryptocurrency.
Indeed, XRP has moved slowly in recent months. While Bitcoin and Ethereum (ETH) are up 56% and 40% respectively in the last 90 days, XRP is down 12% in the same time period.
Some potential fundamental drivers may be coming soon to help XRP close this gap.
Firstly, Ripple recently announced plans to launch its own USD stablecoin. The hype surrounding this stablecoin may help increase optimism towards XRP.
Second, the SEC vs Ripple lawsuit may end soon. The SEC has requested a $2 billion fine for the company as they claim XRP was issued as a security. This should ease concerns about the prospect of XRP regulation in the US.
Also Read How to Buy Crypto:
XRP: Cheap or too Expensive?
XRP's underperformance in recent months compared to other major cryptocurrencies suggests that it may be trading at a cheap valuation.
The price of XRP could easily double back to around $1.0 in this bull market, bringing its market cap from around $30 billion to nearly $60 billion.
Also read: XRP Whales Move Tens of Millions of XRP As Price Approaches $0.6
However, XRP investors should remain vigilant. XRP's lack of innovative use cases outside of Ripple's business operations and lack of decentralization suggest that XRP may struggle to compete with Bitcoin, Ethereum, and Solana in the long term.
The XRP/BTC exchange rate may soon fall below the 2021 low and continue to fall.
Latest XRP Price Movements
Source: Bittime
The price of XRP today, April 23 2024, at 13.56 WIB is trading at IDR 8,943 or around $0.55, up 2.08% in the last 24 hours.
XRP has been trending down in recent weeks. In fact, the monthly chart shows that the price of XRP has decreased by 10.36%. Even though the price is falling, XRP has capital for further increases caused by a combination of factors, including:
Ripple stablecoin launch
Ripple recently announced plans to launch its own USD stablecoin. The hype surrounding these stablecoins could help increase optimism about XRP and drive the price up.
SEC vs Ripple case
The SEC vs Ripple lawsuit may end soon. A favorable outcome for Ripple could provide a major boost to the XRP price.
Check Crypto Prices Today:
However, it is important to remember that the cryptocurrency market can be very volatile. The price of XRP can just as easily go down as it can go up. Therefore, investors should always do their own research before investing in cryptocurrency.
Here are some things to consider before investing in XRP:
- Regulatory risks: The SEC vs Ripple lawsuit is still ongoing, and an unfavorable outcome for Ripple could negatively impact the price of XRP.
- Lack of use cases: XRP has few innovative use cases outside of Ripple's business operations. This may limit its potential for long-term growth.
- Competition: XRP faces stiff competition from other cryptocurrencies such as Bitcoin, Ethereum, and Solana.
If you are considering investing in XRP, it is important to do your own research and understand the risks involved. You should always invest only with money you can afford to lose.
How to Buy XRP (XRP) on Bittime
You can buy and sell XRP (XRP) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
XRP (XRP) is available on Bittime with the market pair XRP/IDR. To be able to buy XRP IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy XRP (XRP) on Bittime.
Monitor price chart movements of XRP (XRP), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
XRP Price Prediction: Will XRP Experience a Sharp Rise in the Near Future?
Understanding Market Cap: Can Dogecoin (DOGE) Catch Up With XRP (XRP)?
Tracing the Conspiracy Behind XRP
What is Wrapped XRP and How Does It Work?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.