🎉🚀 Is a surge in XRP expected?! 🚀🎉
🔔 XRP broke below the Bollinger Band, losing the crucial $0.5 support level.
🌟 Brad Garlinghouse says the crypto market will reach $5 trillion by the end of 2024.
🔥 Ripple’s impending RLUSD launch and potential settlement with the SEC could drive prices higher.
XRP, the native token of the XRP Ledger, has broken the bottom of the Bollinger Bands, losing a critical support zone. This drop comes amid a crash in the crypto market, with major assets like Bitcoin ($BTC) and Ether (ETH) recording double-digit losses.
According to CoinMarketCap, XRP fell 14% in the last 24 hours, currently trading at $0.47, with a 184.52% increase in trading volume, reaching $3 billion. This sudden increase in volume confirms that investors are getting rid of their XRP tokens.
Despite this decline, Brad Garlinghouse, CEO of Ripple, remains optimistic about the future of the cryptocurrency sector. In an interview with CNBC, Garlinghouse predicted that the crypto market will reach a valuation of $5 trillion, saying:
“The total crypto market capitalization... is easily predicted to double by the end of the year... [given] all these macroeconomic factors. »
According to Garlinghouse, the approval of spot crypto ETFs in the United States and the halving of Bitcoin will result in a crypto market valuation of $5 trillion by the end of the year. If this prediction comes true, altcoins, including $XRP and Shiba Inu ($SHIB ), will experience explosive growth.
Charts from TradingView show that XRP price has broken through the bottom of the Bollinger Bands, losing support around $0.50. This suggests a possible continuation of the price decline in the near future.
Additionally, the altcoin’s relative strength index (RSI) is 32.84, confirming strong selling pressure on the cryptocurrency. Indeed, the slope of the line indicates that lower prices are possible, as XRP’s trajectory prepares to enter the oversold region.
Despite the current bearish sentiment, XRP retains upside potential, supported by the upcoming launch of Ripple's RLUSD stablecoin. Additionally, the potential settlement of the lawsuit between the SEC and Ripple could also serve as a positive catalyst for the price of XRP.
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