Ripple’s XRP Bounces From $2.2 Amid Market Correction
XRP continued its consolidation pattern after its recent bounce from the $2.2 support line on Saturday. The Ripple-based token showed some strength amid SEC Chair Gensler’s resignation and the victory of crypto-friendly candidate Donald Trump in the presidential election. The altcoin traded at $2.3 per token in the early hours of Saturday.
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The digital asset has been on a bullish momentum since Trump’s win. However, the market has failed to maintain its upward trajectory and consolidate as it cools down, as indicated by the RSI’s obvious overbought signal at the beginning of November. Even though the $2 support level was tested earlier today, it is still in place and can drive the price north toward the $3 level once more. A more significant correction toward the $1.4 level would be anticipated if the $2 level is decisively broken down.
XRP benefited from the bullish sentiment more than any other leading cryptocurrency asset, rising more than 500 percent between November 4Â and December to peak at $2.9 on December 3. XRP is now the fourth largest digital asset with a market valuation of over $132.6 billion, surpassing Solana, BNB, and Dogecoin
RLUSD acceptance might also solidify XRP’s place in the larger financial system. The performance of Bitcoin is a crucial element that would influence XRP’s price trajectory into 2025, notwithstanding the generally optimistic outlook regarding prices.
There were more than 720,000 new holders of XRP In 2024, increasing its total to 5.71 million from 5 million last year. More than half of these new holders arrived in the final quarter following XRP’s price spike in November.
Even though XRP appears to be poised to gain from the possible resolution of its dispute with the SEC as well as favorable elements like its RLUSD stablecoin and a Trump administration that supports cryptocurrency, investors may become alarmed if the cryptocurrency market is affected by fear, uncertainty, and doubt.
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