Ripple Price Prediction: Will XRP Drop Below $0.60?

The price of XRP continues to trade narrowly between $0.62 and $0.61 this week. This consolidation stands in contrast to major gains seen by other top 20-ranked digital assets like Cardano (ADA) and Solana (SOL) over the same period.

According to recent on-chain Analysis, decreasing trading volume for XRP seems to be a key factor holding back its price trajectory as the broader altcoin market rallies.

Data from the crypto trading platform Coinglass shows that daily trading volume for XRP has declined sharply over the past week, even as its price trended downward. After hitting a peak of $0.69 last week, XRP has since dropped to around $0.61 at press time. 

High trading volumes tend to signal strong market demand and high levels of economic activity around a coin. When trading activity declines at the same time broader market prices are rising, it often indicates waning investor interest and profit-seeking speculation in an asset compared to its competitors.

Also read: Here’s How to Be a Millionaire When Ripple XRP Hits $1

Will XRP drop below $0.60?

With major altcoins like Avalanche, Cardano, and Solana posting historic double-digit price spikes this past week, XRP’s simultaneous loss of trading volume points to investors shifting attention to those rising stars over the languishing Ripple token for their short-term bets. This dynamic weighs on XRP’s price outlook.

Without a significant infusion of bullish news or market triggers, XRP seems poised to fall below $0.60 in the coming days as negative momentum continues to sap its trading activity.

To flip momentum and turn bullish again, XRP would need to break back above resistance at $0.67, where it peaked last week. Otherwise, failure by current holders to buy the dip could see prices cascade below $0.60. The next support level sits around $0.59.

Also read: Top 3 Cryptocurrencies You Need Before the Next Bull Run

Source: CoinMarketCap

In summary, Ripple’s XRP token has diverged from broader altcoin market gains this past week as investors dump the formerly mainstream asset. However, the 24-hour trading volume has surged by 22.3% and now stands at $1,371,489,998.

Nhận xét

Đăng nhận xét

Bài đăng phổ biến từ blog này

Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, as NFP Report Looms

Hình ảnh
Cryptocurrency prices rebounded on Friday, as markets prepared for the latest U.S. nonfarm payrolls (NFP) report. It is expected that 200,000 jobs will have been added to the United States workforce, which comes as job openings once again trended higher. Bitcoin moved away from a recent floor of $20,060, with ethereum surging closer to $1,600 ahead of today&#x2019 ;s report. Bitcoin Bitcoin (BTC) prices rebounded on Friday, as markets began to prepare for the release of October’s nonfarm payrolls report. The jobs day report is expected to show that 200,000 jobs were added to the U.S. economy last month, lower than September’s figure of 263,000. BTC/USD rallied to a peak of $20,642.81 ahead of the report, moving away from Thursday’s low of $20,086.24 in the process. BTC/USD – Daily Chart Today’s surge sees the world&#x2019 ;s largest token move towards a ceiling of $20,800, which was last hit on October 30. Since last week’s failed breakout, BTC mostly traded lower in t
Đọc thêm

China Fines Bitmain $3.6 Million for Tax Violations, Report

Chinese authorities have fined leading crypto mining hardware manufacturer Bitmain for tax-related violations, local media reported. The penalty comes amid increasing tax checks in the digital asset sector, according to information from the crypto community. Bitmain Fined for Failing to Pay Income Tax on Behalf of Employees One of the world’s largest producers of devices designed for cryptocurrency mining, Bitmain, has reportedly been fined for unpaid taxes. The news was spread on social media by Chinese crypto journalist Colin Wu, also known by his Twitter handle ‘Wu Blockchain.’ Bitmain, the world’s largest bitcoin mining machine company, was fined about $3.55 million by the Beijing tax bureau in April, mainly for unpaid personal income taxes. https://t.co/wbXF3pFYxn — Wu Blockchain (@WuBlockchain) April 11, 2023 Wu referred to a report by Sina Finance on Tuesday, according to which Beijing Bitmain Technology is facing a hefty fine of nearly 25 million yuan (over $3.6 million a
Đọc thêm

Microstrategy acquires an additional 5,445 bitcoins

MicroStrategy says it acquired the additional 5,445 bitcoins for $147.3 million at the average price of $27,053 per coin. The company now holds 158,245 bitcoins acquired for a total of $4.68 billion. MicroStrategy Inc. (NASDAQ: MSTR), a leading finance software company, has added to its Bitcoin (BTC) haul again. In crypto news shared on Monday by Michael Saylor, the company’s founder and chairman, MicroStrategy recently acquired an additional 5,445 bitcoins to bring its total BTC holdings to over 158k. MicroStrategy now holds 158,245 bitcoins According to a filing with the US Securities and Exchanges Commission (SEC), MicroStrategy purchased the BTC for $147.3 million, acquiring each coin at the average price of $27,053. Per the document, the company now holds 158,245 BTC, which was cumulatively acquired for $4.68 billion. The average price of the entire acquisition is $29,582 per bitcoin. Saylor shared the news on his official X account on Monday. Micr
Đọc thêm