XRP Price Prediction and Analysis: Is Ripple Making a Comeback?
XRP Price Prediction as Daily Trading Volume Surges Past $1 Billion – Is Ripple Making a Comeback?
The XRP (XRP) Price has been falling back over the past two sessions, despite daily trading volumes surging above $1 billion for a third successive session. Yahoo Finance reported Wednesday’s trading volume at $1.5 billion, following $1.35 billion and $1.67 billion on Tuesday and Monday.
XRP faced resistance in the $0.5650-57 area on Monday, and sell pressure has been elevated ever since. The presence of the 21DMA at $0.55 likely also hasn’t helped. The XRP price was last around $0.5320, with the bears eyeing a potential drop back towards recent lows of $0.4250.
The XRP price’s latest reversal could have broader implications for the medium-term outlook. That’s because it also potentially marks the rejection of an uptrend that had been in play since early 2023. XRP snapped this uptrend earlier in the month.
A rejection of the retest of this uptrend suggests a potential bearish medium-term outlook for the XRP price. A return to $0.30 is possible in the medium term, assuming the broader crypto market’s post-Bitcoin halving consolidation continues.
XRP has been sluggish in recent months compared to its major peers, with Bitcoin (BTC) and Ether (ETH) seeing gains while XRP dropped. However, potential fundamental tailwinds could help XRP close this gap. Ripple’s plans to launch its own USD stablecoin and the potential resolution of the SEC vs Ripple lawsuit could boost optimism in XRP.
Investors should be cautious, as XRP’s lack of use cases beyond Ripple’s business operations and lack of decentralization may hinder its long-term performance compared to other major cryptocurrencies.
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