Recent approval of Ethereum (ETH) exchange-traded funds (ETFs) in the US has sparked hopes for similar opportunities in other digital currencies like Ripple Labs-backed XRP, Solana (SOL), and the ever-popular Dogecoin (DOGE). With the XRP community hopeful for a win in the Ripple vs SEC case, recent settlement talks with Do Kwon and Terraform Labs have added momentum to their cause.
Here’s the full picture.
Once a heavyweight in the crypto world, XRP is now witnessing a gradual loss of investor confidence, especially as rival blockchain projects thrive under more favorable regulations. Before the SEC’s allegations against Ripple, XRP proudly held a top-three position among digital assets.
Today, however, XRP finds itself in seventh place, with a market cap of around $29 billion and a daily trading volume of $1.1 billion.
Bill Morgan, a respected Ripple enthusiast, has analyzed XRP’s performance, revealing concerning trends. Despite legal clarity obtained last year when Judge Analisa Torres ruled XRP sales as non-binding agreements, the token’s trajectory remains lackluster.
While not deemed a security asset by the courts, Ripple still faces accusations of breaching securities laws through its dealings with institutional investors. Talks of a hefty $2 billion fine loom over the company, casting shadows on its future.
Morgan’s analysis paints a grim picture, indicating that XRP has been overshadowed by 88 of the top 100 crypto assets over the past year. Against Bitcoin alone, XRP has plummeted nearly 84% in the last six months.
Despite this downward trend, there’s a glimmer of hope as XRP’s price flirts with the macro apex of a triangular pattern, often signaling an impending bullish breakout. However, for bullish momentum to materialize, XRP must reclaim the 200-week moving average against the US dollar.
Looking at the Technicals
In terms of technical analysis, XRP’s trajectory points towards a target of 61 cents, coinciding with the daily 1.618 Fibonacci Extension. However, this optimistic projection hinges on buyers staunchly defending the support level above 50 cents.
Currently, the path forward remains uncertain. Will XRP reclaim its former glory, or will it continue to lag behind its rivals? Only time will tell.
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