As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I must admit that the market is never predictable and always keeps us on our toes. The latest dip in XRP, down by 6% over the past 24 hours, might seem disheartening to some, but as we all know, every cloud has a silver lining.
The price of XRP, the Ripple-affiliated cryptocurrency, is down more than 6% over the past 24 hours, according to data provided by CoinGecko.
On the other hand, based on data from the 100eyes Crypto Scanner, there appears to be a bullish divergence in the XRP/USDT pair when examined on an hourly scale.
This indicates that XRP bulls might potentially see a relief bounce in the near future.
A bullish divergence tends to happen when the Relative Strength Index (RSI) is on the rise despite a price drop.
This shows that the current bearish trend is gradually getting weaker.
Of course, this bullish divergence should be taken with a grain of salt since it has to be analyzed in combination with other major technical indicators.
Currently, XRP is experiencing the poorest performance among the top 10 cryptocurrencies after it dropped by 6% in value on Thursday.
Other significant cryptocurrencies such as Cardano (ADA) and Dogecoin (DOGE) have experienced a decline of approximately 5.9% and 5.7% respectively, joining the red in the market.
The top digital currency, Bitcoin, has fallen by over 3% following its approach to nearly $100,000 on Christmas.
More recently, the price of XRP briefly surged after the debut of Ripple’s RLUSD stablecoin. Yet, this surge failed to restore XRP’s previous upward trend.
The token is currently 36.3% shy of regaining the highest point it reached back in early 2018. It nearly touched a brand-new high in early December, but didn’t quite make it.
However, there are some bullish catalysts that could potentially reignite the XRP rally in 2025. These catalysts include the SEC’s newfound crypto-friendliness and the growing XRP ETF buzz.
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2024-12-26 23:33