XRP Price Prediction: As Ripple Token Plunges 5%, This New Solana Layer 2 Closes On $7M In Presale
Release: 2024/12/30 18:04 Reading: 382
XRP Price Correction Continues
In the past 24 hours, XRP's price has experienced a significant decline of over 5%, reaching $2.06 as of 3:40 a.m. EST. Investors are unloading some of their XRP holdings on the market, contributing to this price correction.
Possible Price Drop
Following a recent surge of 8% over the previous month and 231% over the past year, XRP's price is now facing a potential downward trend.
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Technical analysis indicates that XRP may fall to as low as $1.8309 in the coming hours. However, if traders view the current price as an opportunity, the altcoin could break out of its descending channel and rally towards $2.2072 or even $2.4062 in the short term.
Bearish Indicators
Indicators on XRP's 4-hour chart suggest a bearish outlook. Relative Strength Index (RSI) readings have plunged into the low 30s, indicating strong selling pressure. The Moving Average Convergence Divergence (MACD) indicator shows that the MACD line has crossed below the MACD Signal line, signaling a potential negative cycle.
Solana Layer-2 Project Solaxy
While bears attempt to push XRP's price lower, the presale for Solaxy (SOLX), a new Solana layer-2 project, is approaching $7 million. The project aims to scale the Solana network and connect it with other blockchains, facilitating a more robust DeFi ecosystem.
Investors are expressing strong interest in SOLX, with over $6.9 million raised in its presale. SOLX holders can earn a 556% Annual Percentage Yield (APY) through staking.
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