Why Is Ripple’s (XRP) Price Down Today Again?
TL:DR;
- Although most cryptocurrencies have turned red once again amid another market-wide retracement, XRP’s price has dropped by a bigger percentage than most and is shaky at $2.
- Analysts are speculating about the asset’s potential during this cycle and have outlined an important support level that needs hold; otherwise, XRP could plummet toward $1.
XRP rode the Trump-induced rally like very few altcoins did, going from $0.6 to a multi-year peak of almost $3 within a month or so. However, its run was halted at the beginning of December, and the asset failed to break above $3 and head toward a new all-time high.
Although the launch of its long-anticipated stablecoin in mid-December led to immediate and impressive gains, its momentum is gone once again now. In fact, XRP is down by 25% since that local peak on December 17.
The past 24 hours have also been painful for Ripple’s cross-border token, which has slumped by 6% and is struggling to remain above $2.
Many industry analysts have now outlined the $1.96 support as a crucial level that needs to be maintained in order for XRP to continue its impressive performance. If it falls, though, the cryptocurrency could drop to as low as $1, according to Andrew Griffiths.
#XRP Xrp has been trading in what appears to be a bullish pennant. But if this bullish pattern where to fail it would fastly fall into the low $1 range. Being that Bitcoin has topped for the year, we may see lower prices for Xrp. Losing $1.98 would send Xrp into a dizzying fall.… pic.twitter.com/8K9OPp63rc
— Andrew Griffiths (@AndrewGriUK) December 29, 2024
In contrast, XRP will have a chance to resume its rally and aim for a new all-time high during this cycle only if it bounces that support line, predicted another analyst – MAGIC.
#XRP continues to hold above 1.98 (blue trendline) and it appears to be forming a bull flag on the weekly. If that bull flag fails and price drops below the 1.98 level, XRP could fall rapidly. 1.98 is critical support and 3.53 is the primary upside resistance. pic.twitter.com/hpyXHQXsqk
— MAGIC (@MagicPoopCannon) December 29, 2024
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