The XRP (XRP) Price has been falling back over the past two sessions, despite daily trading volumes surging above $1 billion for a third successive session.
Yahoo Finance put Wednesday’s trading volume at $1.5 billion, after clocking $1.35 billion and $1.67 billion on Tuesday and Monday.
XRP faced resistance in the $0.5650-57 area on Monday and sell pressure has been elevated ever since. The presence of the 21DMA at $0.55 likely also hasn’t helped.
The XRP price was last around $0.5320, and the bears are eyeing a potential drop back towards recent lows of $0.4250.
The XRP price was last around $0.5320, with the bears eyeing a potential drop back towards recent lows $0.4250. Source: TradingView
The XRP price’s latest reversal could have broader implications for the medium-term outlook.
That’s because it also potentially marks the rejection of an uptrend that had been in play since early 2023. XRP snapped this uptrend earlier in the month.
A rejection of the retest of this uptrend suggests a potential bearish medium-term outlook for the XRP price.
A return to $0.30 is possible in the medium term, assuming the broader crypto market’s post-Bitcoin halving consolidation continues.
A return to a $0.30 XRP price is possible in the medium term, assuming the broader crypto market’s post-Bitcoin halving consolidation continues. Source: TradingView
XRP Price Prediction – Is XRP Making a Comeback?
XRP has been sluggish in recent months compared to its major peers. While Bitcoin (BTC) and Ether (ETH) went up 51% and 36% in the past 90 days, XRP dropped 16% in the same timeframe.
Some potential fundamental tailwinds could soon come in to help XRP close this gap, however.
Firstly, Ripple recently announced plans to launch its own USD stablecoin. The hype surrounding this stablecoin could help pump optimism in XRP.
Secondly, the SEC vs Ripple lawsuit could soon come to a close. The SEC has asked for a $2 billion fine for the company that they claimed issued XRP as a security. That should ease concerns about XRP’s regulatory outlook in the US.
XRP’s underperformance in recent months versus other major cryptocurrencies suggests it could be trading at a cheap valuation.
A $0.30 XRP in the near future is possible. In the long term, XRP could easily double back to $1.0 in this bull market.
That would bring its market cap from around $30 billion to nearly $60 billion.
XRP investors should be cautious, however. XRP’s lack of use cases beyond Ripple’s business operations and lack of decentralization suggests it may struggle to keep pace with Bitcoin, Ethereum, and Solana in the long run.
The XRP/BTC exchange rate could soon break below its 2021 lows and continue falling.
The XRP/BTC exchange rate could soon break below its 2021 lows and continue falling. Source: TradingView
XRP Alternative to Consider – Megadice
Crypto investors looking for investments with greater upside potential should look into presale investing.
Web3 projects and protocols often sell their native tokens at an early bird discount to raise funds for development.
If they can find a good project that gains traction in the market, presale investors can book gains of as much as 10x or more.
One such project that analysts at Cryptonews are a big fan of is Mega Dice Casino.
This already well-established crypto casino has launched a presale of its utility token DICE.
DICE holders get big cashback benefits on their wagers and can also generate passive income via DICE staking.
The crypto casino is also running a series of exciting airdrops to reward early presale investors.
How to qualify:
– Register or have an account with https://t.co/xVgEFmzqv1 or https://t.co/QhS5uUOKEb.
– Wager in any cryptocurrency to meet the $5000 wagering requirement.
– The more you wager, the bigger your airdrop will be – capped at $37 500 per player.
— Mega Dice Casino (@megadice) April 22, 2024
The project is already close to having raised $500,000. And potential investors better move quickly, as when the $1 million milestone is hit, the DICE price will rise.
Check Out Mega Dice Casino’s Presale
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