Ripple’s XRP Gains Support at $0.8060. Can it Bounce Off?

According to a final report for 2021 issued by a blockchain data research firm Arcane Research, Ripple and Cardano will fall out of the top 10 crypto list in 2022. The firm released a report containing its predictions for crypto markets in 2022.

The report suggested that Bitcoin will outperform the S&P 500 in 2022. Alternative coins based on the Layer-1 blockchain will continue to surpass ETH. The traditional gaming companies will increase the addition of NFTs. Several crypto companies will reach a valuation of $5B, and more companies will go public. Some predictions about the hash rate and Bitcoin ETFs were also made.

The prediction about Ripple’s token XRP that it will fall out of the list of top 10 cryptocurrencies in 2022 negatively impacted XRP prices on Wednesday. The losses in XRP/USD increased after the crypto coin started following the track set by Bitcoin and Ethereum, the two leading cryptocurrencies. The trend set by both leading cryptos weighed on the whole crypto market, which was then followed by coins like XRP as it dropped further on Wednesday.

Meanwhile, the only thing supporting XRP prices was the latest comments from Brad Garlinghouse, CEO of Ripple. He said that it was the strongest year ever despite the ongoing battle with the Securities Exchange Commission. Furthermore, the declining prices of the US dollar on Wednesday also helped XRP/USD keep its losses limited. The US Dollar Index, which measures the greenback’s value against the basket of six major currencies, fell below 96 level and kept the declining prices of XRP/USD limited as both have a negative correlation.