The cryptocurrency market experienced a significant crash recently, with Ripple’s cross-border token being one of the worst performers. However, since then, XRP has rebounded by around 20%, raising questions about whether it has reached its bottom. On Monday, Ripple announced that their highly anticipated stablecoin would launch on December 17th after receiving approval from the New York Department of Financial Services (NYDFS).
This news caused XRP’s price to surge from $2.35 to an intraday high of over $2.7 on Tuesday. Despite a slight pullback to around $2.6, things took a turn for the worse on Wednesday following the Federal Open Market Committee (FOMC) meeting. Alongside the rest of the market, XRP plummeted to under $2.25, resulting in a loss of nearly 20% of its value within 36 hours.
Unfortunately, the situation deteriorated further on Thursday and Friday, with the asset dropping below $2 for only the third time since December 1st. Despite this downturn, bulls stepped in, preventing any further losses, and XRP rebounded by around 20% to its current price of $2.35. Analyst Dark Defender believes that XRP may have already found its bottom based on its “double tap” pattern on both the 4-hour and daily charts.
Additionally, a “tremendous bullish pin” can be seen on the daily chart, suggesting potential upside momentum. While some commentators speculated that the recent downturn marked the end of the bull run, others like Moon Lambo pointed out that maintaining a broader perspective is essential. Despite recent volatility, XRP is still significantly higher than it was just a few weeks ago.
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