Will XRP's Rise Make Millionaires in 2024? Price Analysis: XRP
XRP has fallen 4.5% in 24 hours to $0.6003 as the crypto market loses 5% today.
XRP is up 2% a week, 9% a month, and 15% a year.
After the Fed's rate reduction last month, the market looks to be correcting, with purchasers scared by Middle East aggression.
Despite this drop, XRP is still on track to make a rebound and conclude the year well.
Will XRP's Rise Make Millionaires in 2024? Price Analysis: XRP
Positives from today include XRP's signs suggesting a correction.
Its 30-period moving average (orange) has gone below its 200-period average, indicating negative.
A ‘death cross’ is a forerunner to XRP's slide bottoming out, and the discount may attract buyers back to the market.
Similar thing happened with XRP's relative strength index (purple), which sank to an oversold 30 this morning and is currently fighting to reach 50.
With its 24-hour trading volume exceeding $3 billion, XRP is more likely to recover the longer this continues.
This volume implies continuous demand for XRP, which is encouraging.
Whales are now more inclined to sell XRP than acquire it, but evidence indicate a change is imminent.
Today, corrective profit-taking and Middle East anxieties are pushing down prices and conventional stock markets.
XRP and most other cryptos are failing because crypto and equities have a loose association.
Before yesterday's geopolitical news, the XRP price was on track for an end-of-year bull run.
More importantly, Ripple has been forming collaborations in the weeks after its $125 million SEC settlement, bolstering XRP's standing.
Based on this, XRP might hit $0.70 by November and $1 by year's end.
