XRP Struggles to Maintain Momentum, But Analysts See Potential
Ripple’s XRP has been facing challenges in maintaining an upward trajectory and recovering from recent lows. However, crypto analysts are optimistic about the future of XRP based on current market trends and chart patterns.
XRP/BTC Pair Drops 61% Since July High
Data from TradingView shows that the XRP/BTC pair reached its peak at 0.00002741 in July 2023. Since then, it has experienced a downtrend while Bitcoin (BTC) has seen significant gains. As of February 19, 2024, the XRP/BTC pair is trading at 0.00001071, marking a 61% decline from its high.
- This drop presents an opportunity for short-term traders or long-term investors to enter the XRP market at a favorable price.
Analysts Predict Impending Bull Run for XRP
Some analysts believe that a bull run is on the horizon for XRP. Dark Defender, a crypto analyst, analyzed the weekly chart of the XRP/BTC pair and noted similarities to previous bull runs in 2017 and 2021. This analysis suggests that a bull run could be imminent for XRP in 2024.
Potential Surge in XRP Price
Dark Defender also expressed optimism about the price of XRP. He pointed out ongoing debates surrounding Ripple’s ODL and programmatic sales, which have led to allegations against the company. The analyst believes that these factors could contribute to a significant surge in XRP price.
- Historical chart patterns indicate that XRP has the potential to experience rapid price increases, similar to its previous rise from $0.6649 to $2.
As of now, XRP is trading at $0.5582 with a market capitalization of $30.46 billion and a trading volume of $915.67 million.
Hot Take: XRP Faces Challenges, But Potential for Growth Persists
Despite recent struggles, XRP still holds potential for growth in the crypto market. Analysts believe that the XRP/BTC pair’s decline presents an opportunity for traders and investors to enter the market at an advantageous price point. Additionally, signs of an impending bull run and positive chart patterns contribute to the optimism surrounding XRP’s future price movements. Keep a close eye on XRP as it continues to navigate volatile sessions and rebounds in its journey towards potential growth.
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