As a seasoned crypto investor with battle-scars from the 2017 bull run and the subsequent bear market, I find myself intrigued by XRP‘s current performance. A daily jump of 6.83% is certainly noteworthy, and it does stir the hope that we might just be on the brink of $3. However, my experience has taught me to tread cautiously, especially when the technical indicators are hinting at bearish trends.
In a notable resurgence, XRP saw an increase of 6.83% over a single day, sparking talk that its value could potentially rise to approximately $3.
Currently, at this moment, XRP is being transacted for approximately $2.38. This value represents a decrease of about 38.89% compared to its highest recorded point of $3.84, which was achieved on January 4, 2018. It’s worth mentioning that the price of XRP has nearly tripled (around 300%) over the past 30 days.
After spending two straight days in bear territory, Ripple has experienced a strong rebound in its value. At the moment, it stands as the fourth most valuable cryptocurrency, boasting a market cap of approximately $134.55 billion.
In simpler terms, the Moving Average Convergence Divergence (MACD) line is getting darker red each day, suggesting that its underlying averages are coming together in a way that typically indicates a bearish trend. This pattern could signal an uptick in selling pressure for cryptocurrencies other than Bitcoin (also known as altcoins).
Instead, let me put it this way: Looking at the chart, the Simple Moving Average (SMA) of XRP’s price is trending downward. This suggests that the outlook for XRP might be bearish over the short term.
Should purchasers (bulls) regain dominance, there’s a possibility that XRP’s price could ascend to its resistance threshold of approximately $2.50. If it manages to sustain above this level, the digital coin might reach a fresh 52-week high this month, potentially even touching $3.
Conversely, should the bears gain ground, Ripple could drop down to its support level at $2.25. If the bulls don’t manage to rebuild their strength, a drop below $2 might occur.
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2024-12-11 19:17