Positive Price Prospects for XRP in 2024

XRP has seen marginal gains, surpassing the 1% mark only three times in the past fortnight, while more than 80% of its circulating supply continues to register profits.

Positive Price Prospects For Xrp In 2024_65b972eb556b3.webp

After experiencing a surge a few weeks ago, Ripple (XRP) has found stability, but its momentum appears subdued compared to other altcoins. Despite briefly securing its position as the fourth-largest asset, the current outlook prompts a closer examination of its standing in the market.

The bearish trend persists for XRP, evident in its daily timeframe chart over the last 14 days, where it recorded price increases of just over 1% on three occasions. Following a notable 6% decline on December 11th, the subsequent sluggish performance underscores the challenges faced in recent weeks.

As of the latest analysis, XRP is trading at approximately $0.61, with a marginal increase of less than 1%. The short moving average (depicted by the yellow line) has emerged as immediate resistance, hovering around $0.63 and hindering any significant upward movement.

positive price prospects for xrp in 2024 65b972eb5abde

Adding to the cautious sentiment is the Relative Strength Index (RSI), indicating a persistently weak trend. The RSI has remained below the neutral line for nearly two weeks, underscoring the lack of strong bullish momentum.

Related: Whales Accumulate XRP: Is a Significant Price Volatility Imminent?

In terms of network activity, XRP’s Active Addresses have failed to recover since a substantial decline in September. The current data reveals a decrease from over 480,000 to approximately 281,000 active addresses. This decline suggests a contraction in the number of wallets actively participating in XRP trading, potentially signaling reduced volume and, consequently, an impact on the coin’s price.

positive price prospects for xrp in 2024 65b972eb66a84

While XRP enjoyed a positive market ranking a few weeks ago, recent market dynamics have caused a slip in its position. Formerly occupying the fourth spot based on market capitalization according to CoinMarketCap, it now sits at the sixth position with a market capitalization of approximately $33.8 billion. Notably, Solana (SOL) and Binance Coin (BNB) have overtaken XRP in the rankings, as reflected in their market caps in the past few days.

positive price prospects for xrp in 2024 65b972eb71dfb

Despite the sluggish price movement, a significant portion of XRP’s circulating supply remains in a profitable position. Analyzing the total supply in profit on Santiment reveals that over 86 billion of the altcoin’s overall supply, constituting over 86%, is currently in a profitable state. This indicates that a substantial number of XRP holders are still experiencing positive returns despite the coin’s restrained market performance.

5.0/5

(100 votes)

Latest

Pepe Surges 75% In 24 Hours Following Coinbase Listing

News | Altcoin | Editor Choice | Memecoin

PEPE Surges 75% in 24 Hours Following Coinbase Listing

PEPE price has surged in the past 24 hours, after the largest exchange in the United States, Coinbase, announced the listing of this meme coin, and Robinhood also integrated PEPE into the platform.

Binance Announces Listing Of Usual On Launchpool And Pre Market

News | Altcoin | Editor Choice

Binance Announces Listing of USUAL on Launchpool and Pre-market

Binance has announced the listing of Usual as its 61st launchpool project. This is also the second project to be listed on Binance Pre-Market, following Scroll.

Blackrock Expands Rwa Market Share To Aptos, Arbitrum, Avalanche, Optimism, And Polygon

News | Editor Choice

BlackRock Expands RWA Market Share to Aptos, Arbitrum, Avalanche, Optimism, and Polygon

BlackRock USD Institutional Digital Liquidity (BUIDL) continues to expand its market share by entering four additional networks: Aptos, Arbitrum, Avalanche, Optimism, and Polygon.

Azcnews Act Memecoin On Solana Surges Nearly 3000% In A Short Period

News | Altcoin | Editor Choice | Memecoin

ACT Memecoin on Solana Surges Nearly 3000% in a Short Period

Memecoin Act I The AI ​​​​Prophecy has seen a huge price surge of nearly 3000% in the past 7 days, bringing huge profits to investors who believe in this coin.

Azcnews Bitcoin Price Drops After Reaching Ath As Investors Take Profits

News | Bitcoin | Editor Choice

Bitcoin Price Drops After Reaching ATH as Investors Take Profits

Bitcoin rose to a high of $93,000 before correcting to its current price. The decline may have been caused by investors taking profits.