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Is XRP Drowning? Why the Price of Altcoins Is Still Falling
In a perilous situation, the once-booming cryptocurrency Ripple (XRP) finds itself. Investors and experts are in a state of confusion due to the steep decline in XRP's value over the previous month.
Some are worried about a further fall, while others are seeing signs of a possible turnaround according to technical indications. But what lies ahead for XRP is still unclear, with factors like as the continuing legal spat with the SEC and general market mood being pivotal.
Before somewhat rebounding to its present position around $0.50, the price sank as low as $0.49. The crypto community's excitement has noticeably waned with this slump. Talk about XRP has diminished, and there is no longer the customary "bullish" enthusiasm.
Technical Indications and Professional Views
Even while things seem bleak, XRP does have a few bright spots.
"Higher lows and higher highs" is a pattern that usually indicates bullish momentum, and it's visible on the chart. In addition, there seems to be a support level at the $0.50 mark. When the price falls around this mark, it always recovers a little bit, suggesting that some investors consider it a good place to get in.
Some analysts share this optimistic outlook. Remaining bullish on XRP's chances for 2024, Dark Defender, a notable crypto analyst, predicts a climb to $1.80 before the year ends. Similarly, a recent survey by Analyst of around four thousand members of the crypto community found conflicting opinions.
The majority of respondents were optimistic (61%), while 40% were still nervous about XRP's potential to join the next bull run.
The future of XRP is uncertain. Still hanging over Ripple Labs' head is the protracted legal dispute with the US Securities and Exchange Commission (SEC). Investor confidence has taken a hit due to the market uncertainty caused by the litigation, which revolves around the classification of XRP as a security.
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