As a seasoned researcher with years of experience analyzing the cryptocurrency market, I must admit that the current performance of XRP is causing me to raise an eyebrow. While the broader market is surging, with Bitcoin breaking above $64,000 and Ethereum adding 3.2%, XRP is struggling to hold its ground, even falling among the worst performers in the top 100.
XRP, the Ripple-affiliated token, has failed to hold above the pivotal $0.60 level.
Even though the overall cryptocurrency market seems strong, the specific token in question appears to be struggling.
Today, Bitcoin surpassed the $64,000 mark earlier, recording a 1.5% increase in the last 24 hours. Most significant cryptocurrencies are seeing gains as well, with Ethereum (ETH) rising by 3.2%.
Over the last 24 hours, XRP experienced a decline of almost 1%, placing it among the bottom-performing cryptocurrencies in the top 100. Only Bonk (BONK), BitTorrent (BTT), and some lesser-known digital currencies demonstrated less impressive results.
As an analyst, I find myself considering the significance of my inability, thus far, to establish a foothold above the previously mentioned level in the immediate future.
If the price doesn’t exceed and sustain above $0.60, there’s a likelihood it will drop below the 20-day Exponential Moving Average (EMA), as this level has proven to be a significant barrier in the past.
“An antidote to hype”
Morgan made it clear that his perspective on the contentious token is meant to serve as a “counterbalance” or “calming influence” against the excitement surrounding it.
There’s been a lot of discussion among community members that XRP might reach a new all-time high since Ripple’s legal fight with the SEC appears to have concluded earlier this year, sparking speculation.
No price suppression
Over the past month, I’ve found myself pondering over the elements that seem to be influencing the surge in value of XRP, much like David Schwartz, CEO at Ripple, expressed his curiosity about.
Previously this past week, Schwartz dismissed accusations of price manipulation schemes, asserting that he would increase the price if possible because he personally owns XRP tokens.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- USD ZAR PREDICTION
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- USD PHP PREDICTION
- CAKE PREDICTION. CAKE cryptocurrency
- USD COP PREDICTION
2024-09-23 09:29