As the cryptocurrency market continues to experience turbulence, Ripple’s cross-border token has been caught in the midst of it. Following a strong uptrend during the previous week, the price of XRP skyrocketed from under $2.4 to above $2.7 when news about the official release of their much-awaited stablecoin hit the wires. Unfortunately, this surge proved to be short-lived as the overall market plunged soon afterward.
On Monday morning, XRP started out positively with a gain of nearly 6%, reaching as high as $2.72. However, this optimism quickly faded away when prices tumbled by 28%, dropping back down to $1.96 just hours later – marking one of the sharpest corrections seen across all major digital assets this month. Despite this setback, several large investors, often referred to as ‘whales’, saw this dip as an opportunity to accumulate more coins, pushing prices back up towards $2.40 yesterday.
However, this latest recovery seems short-lived too, with prices currently hovering around the psychologically important $2 mark yet again. Popular analyst Ali Martinez believes that holding onto this level may be key for determining XRP’s near-term direction. If successful in doing so, it could potentially lead to further gains towards $2.70 once more. On the other hand, breaking below $2 could result in further losses back towards last week’s lows near $1.96.
Despite these fluctuations, XRP remains one of the top three largest digital currencies by market capitalization – currently sitting just below Tether’s USDT at around $140 billion compared to its own figure just shy of $130 billion. With just a few days left until the end of the year, investors will be watching closely to see how events unfold for both XRP and the wider crypto space heading into 2025.
Source
Source: cryptopotato.com
