The XRP price has dropped by 2.5% today, falling back to $0.5182 as the wider crypto market loses 1% in the past 24 hours.
These losses come as cryptocurrencies across the board correct a little after a very strong weekend, which saw prices rise largely as a result of ballooning Bitcoin ETF volumes.
XRP is now up by 3% in a week but down by 9.5% in the last 30 days, although the altcoin still sits on 35% in the last 12 months.
And its movements over the weekend have enabled XRP to overtake USDC in terms of market cap, with this flippening likely to give the altcoin more momentum as we enter spring.
XRP Price Prediction as XRP Overtakes USDC Stablecoin in Market Rankings – $1 XRP Soon?
Even with the weekend’s rally, it still seems like XRP is struggling to build up any real momentum, with its indicators still in weakened positions.
Its 30-day average (yellow) fell below its 200-day (blue) in a ‘death cross’ back in late January, and the shorter term average continues to sink lower today.
Source: TradingView
Likewise, its relative strength index (purple) failed to reach 50 over the weekend, and has now begun falling towards 40, in a sign of renewed selling.
What’s particularly discouraging for XRP is that its support level (green) has dropped consistently since late November, suggesting that further losses could be in the offing before stability returns.
And for coin in the top-ten in the market in terms of cap, its current 24-hour trading volume is worryingly low, at $800 million.
27,300,000 #XRP (14,444,647 USD) transferred from unknown wallet to #Bitstamphttps://t.co/ol1D1DSNcZ
— Whale Alert (@whale_alert) February 11, 2024
It does seem that most whales are still leaning more towards selling XRP rather than buying it, at least judging by recent large transfers.
As such, the XRP price may continue to see losses in the next few weeks, before an increasingly bullish market helps to pick it up.
The longer term picture looks better for XRP, however, with the long-running Ripple-SEC case likely to reach a full and final settlement by the summer.
Such a settlement could involve a hefty financial disgorgement for Ripple, with the SEC winning a recent motion to compel that will see the cryptocurrency firm turn over its financial statements.
JUST IN: Judge Netburn has granted the SEC motion to compel in its entirety. pic.twitter.com/jam3dDuOnT
— JackTheRippler © (@RippleXrpie) February 5, 2024
Yet it seems that Ripple is prepared to pay a big fine, and that the company will be able to resume growing soon afterwards.
It will bring XRP with it, with the coin potentially on course to pass $1 in the latter half of 2024.
New Meme Tokens with Potential for Market-Beating Gains
Many traders may prefer to investigate other tokens while XRP waits for bigger rallies, with the market currently enjoying no shortage of promising new alts.
One of the most recently launched and exciting new altcoins is Smog (SMOG), a Solana-based meme token that listed on the Jupiter DEX aggregator last week
SMOG remains up by nearly 2,000% since its initial listing a few days ago, despite going through a little correction as earlier investors cashed in some profits.
Source: Birdeye/TradingView
Given that so many Solana-based meme coins have pumped and completely dumped in recent months, it’s encouraging to see that SMOG has consolidated most of its early gains.
The main reason for this is that the coin features an interesting airdrop system that incentivizes long-term holding.
That is, it will hold regular airdrops that will provide the biggest rewards to those holders who have held the most coins for the longest.
The token will have a max supply of 1.4 billion SMOG, 35% of which is going towards airdrops, with 50% going to marketing and 15% to liquidity.
What’s also encouraging about SMOG is that it has already accumulated a healthy online following, with its X account – which opened this month – now boasting over 21,000 followers.
This suggests it could have a bright future, with investors able to buy the token by visiting its official website or by going to either Jupiter or Birdeye.
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