XRP Price Drops as Crypto Market Corrects
These losses come after a strong weekend rally, driven by increased Bitcoin ETF volumes.
XRP is up 3% in a week but down 9.5% in the last 30 days, although it has gained 35% in the last year.
Over the weekend, XRP surpassed USDC in terms of market cap, which could provide momentum for the altcoin moving forward.
XRP Struggles to Gain Momentum
XRP continues to struggle to gain significant momentum, with its indicators showing weakness.
The coin’s 30-day average fell below its 200-day average in a ‘death cross’ in late January, and its shorter-term average continues to decline.
The relative strength index failed to reach 50 over the weekend and is now falling towards 40, indicating renewed selling pressure.
XRP’s support level has consistently dropped since November, suggesting further losses may occur before stability returns.
Whales Selling XRP
Large transfers indicate that most whales are selling XRP rather than buying it.
The coin’s current 24-hour trading volume is low at $800 million.
This suggests that XRP may continue to see losses in the next few weeks until a more bullish market emerges.
Ripple-SEC Case Settling Soon
The long-running Ripple-SEC case is expected to reach a full settlement by summer.
This settlement could involve a significant financial disgorgement for Ripple, as the SEC has motioned for the company to turn over its financial statements.
Ripple is prepared to pay a large fine and is likely to resume growing soon after the settlement.
This growth will benefit XRP, potentially pushing the coin past $1 in the latter half of 2024.
New Meme Tokens with Potential
While XRP waits for bigger rallies, traders may explore other tokens with market-beating potential.
Despite a small correction, SMOG remains up nearly 2,000% since its initial listing due to its unique airdrop system that rewards long-term holders.
With a max supply of 1.4 billion SMOG and a strong online following, this token could have a bright future.
Investors can buy SMOG by visiting its official website or using Jupiter or Birdeye platforms.
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