Here’s why Ripple’s XRP is ripe for a bearish breakdown
Release: 2024/10/21 22:04 Reading: 666
Ripple's Token Regains After Bottoming Out
Ripple's token (XRP) has rebounded since its low of $0.5078 on October 3rd, following the announcement of its new US dollar stablecoin.
As of writing, XRP is trading at $0.5500, giving it a market capitalization of $31.2 billion and making it the seventh-largest cryptocurrency.
Despite this recovery, XRP has underperformed most other cryptocurrencies this year, declining by 6.3%. In contrast, Bitcoin (BTC) has surged by 54.4%, while Pepe (PEPE) has increased by almost 800%.
Ripple's Achievements and Plans
Ripple has reached several milestones in 2024:
- Settled its long-running lawsuit with the Securities and Exchange Commission for a $125 million fine, significantly lower than the initial request of $2 billion.
- Launched its RLUSD stablecoin to compete with the likes of Tether, Circle, and PayPal. The stablecoin will initially be available on platforms such as Uphold, Bitstamp, and MoonPay.
Stablecoin Industry Trends
Stablecoins, such as Tether, have proven to be a lucrative business model in financial services. Tether's earnings have exceeded those of Blackrock, which manages over $11 trillion in assets. Stablecoin issuers generate revenue by investing their holdings in low-risk assets like Treasuries.
XRP Ledger and Token Performance
Ripple also introduced XRP Ledger, an open-source blockchain designed to rival Ethereum and Solana. While initially showing growth, the total value locked on the network has since plateaued at around $14.6 million.
However, data from Santiment indicates a recent increase in the number of wallets on the chain.
Technical Analysis
Despite the recent gains, XRP's technical indicators suggest a potential bearish breakout:
- XRP has fallen below the Ichimoku cloud on the daily chart.
- It has formed a bearish flag pattern, characterized by a rising wedge.
- XRP remains below the 50-day moving average and has formed a double-top pattern at $0.6592.
If a bearish breakout occurs, the next target for XRP could be $0.5021, 8.50% below its current level.
Recent news
More>- President Donald (PRESDON) Will Explode Over 15,000% Before Exchange Listings, While Shiba Inu and Dogecoin Lag 11-24
- Dogecoin Price Prediction for Today, November 23 – DOGE Technical Analysis 11-24
- Dogecoin Price Prediction for Today, November 23 – DOGE Technical Analysis 11-24
- Dogecoin (DOGE) Surges 19% as Hash Rate Hits Record High 11-24
- Solana Hits New ATH, As Pepe Surges 30% Amid Bull Market, Crypto Traders Eye New Meme Coin Going Viral After Video Release 11-24
- Dogecoin (DOGE) Bullish Streak is Awakening Shiba Inu (SHIB) Bulls: What’s Next? 11-24
- Top Meme Coins for December 2024: 5 Picks to Buy Before They Take Off! 11-23
- XRP Price Prediction: XRP Pumps 67% In A Week As Gary Gensler Plans SEC Exit, While Whales Swoop On Pepe Unchained Presale 11-23
- What’s Next for Crypto After Bitcoin Take $100k Price Level? Catzilla Coin Among 3 Altcoins Poised for Big Moves 11-23
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com