The XRP price has declined by 2.5% in the past 24 hours, sliding to $0.5497 as the crypto market as a whole falls by 3% today.
XRP has also decreased by 7.5% in the past week and by 10% in a month, although the altcoin remains up by 42% in the past year.
And while its price has managed to hold above its 200-day exponential moving average for most of the past few weeks, it has just begun showing signs of falling below, something which could prove ominous.
Yet in the longer term, 2024 is likely to become an increasingly bullish year for crypto as it progresses, so the XRP price may revive itself again soon enough.
XRP Price Prediction as It Holds Above Crucial 200-day EMA – A Sign of Stability or Deception?
Let’s not beat around the bush: XRP’s chart doesn’t look particularly inspiring at the moment, with its indicators showing clear signs of weakness.
Most notably, its RSI (purple) has fallen below 40 in the past few days, a sign of increasing selling pressure.
Source: TradingView
At the same time, XRP’s 30-day average (yellow) has clearly begun sliding down towards its 200-day (blue), indicating a process of decline which still has plenty of time before it’s likely to bottom out.
And speaking of decline, the XRP price has indeed dropped below the 200-day EMA today, providing a very bearish indicator that could signal further incoming losses.
The key support level (green) in this respect is therefore $0.55: if XRP falls substantially below this price, it could spook current holders and force more of them into selling.
It seems like, aside from the continued post-Bitcoin ETF selloff, whales have been driving XRP’s recent declines, with data revealing several big transfers to exchanges in the past few days.
20,100,000 #XRP (11,482,755 USD) transferred from unknown wallet to #Bitsohttps://t.co/E68SrUGQtF
— Whale Alert (@whale_alert) January 17, 2024
And there’s currently no sign of renewed accumulation, implying that XRP may lose more before it makes a concerted recovery.
Still, there’s plenty of reason to be hopeful for the XRP price in the medium and long term, and not only because the next Bitcoin halving (due April) could make the market more bullish.
There’s also the fact that Ripple will likely reach a full and final settlement with the SEC at some point this year.
This settlement will enable the cryptocurrency firm to move on completely from its long-running legal battle, and potentially also hold its own initial public offering.
An IPO would be big for XRP, and could help it push to new heights.
Big Rallies with New High-Potential Alts
The only thing with XRP, however, is that it may be some time before the coin really tests its former highs, given that the market seems to be waiting for a full settlement.
In the meantime, traders may prefer to consider alternatives, with the market currently offering a wide variety of promising new alts and presale tokens.
At the top of any list of promising new coins is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised just over $8.8 million in its presale.
#BitcoinMinetrix achieves yet another milestone, raising over $8,800,000! pic.twitter.com/eHGCvK020O
— Bitcoinminetrix (@bitcoinminetrix) January 19, 2024
As a stake-to-mine platform Bitcoin Minetrix enable’s users to mine BTC simply by staking the platform’s native token, BTCMTX.
It’s as simple as that, with those who stake BTCMTX receiving tokenized mining credits in returns, which they can then use to pay for Bitcoin mining.
Doing this provides them with a share of freshly mined BTC, while stakers will also receive a steady income of new BTCMTX.
Taken with Bitcoin Minetrix’s user-friendly platform and interface, such rewards look set to make it a big success in the coming months, at least judging by its successful sale.
While the offering will end soon, investors can still join it by going to the official Bitcoin Minetrix website, where 1 BTCMTX costs $0.0129.
This will rise to $0.0130 in a couple of days, while it may rise much higher once the coin lists on trading platforms in the next few weeks.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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