🔥💥Is Ripple Dead? Top 3 Reasons Why XRP Price Could Still Rise in 2024
XRP, the digital currency on the Ripple network, is going through a difficult time. The digital currency, which is struggling to maintain a position above $0.57, is grappling with the challenging 200-day Exponential Moving Average (EMA) on the charts, which is an indicator of ongoing market turbulence.
Despite the year-long correction phase, XRP is exhibiting resilience, maintaining stability around the $0.5 mark even during significant selling. The spotlight is now shifting to the bulls charged with lifting XRP's fortunes. Three key factors could potentially change the course in favor of this digital currency.
What Can Increase the Price?
XRP is a key component in Ripple's cross-border settlement solution, which focuses on cross-border transactions. By expanding its network and establishing new partnerships, there is the potential for XRP to gain greater acceptance. This may reshape the demand for xrp in the long term.
Apart from Ripple, great things are happening with the technology behind xrp called the XRP Ledger. They are making xrp even better by introducing new ideas such as Evernode (EVR) and Xahau. This could attract more people to use xrp and perhaps increase its value.
However, the roles of the XRP whales are instrumental in changing the fortunes of the digital currency. Since whales are constantly accumulating XRP, it sends signals about the attractiveness of the coin, which can positively affect community sentiment in the short term.
XRP Technical Analysis
A closer look at the technical indicators reveals a challenging scenario. The MACD and signal lines are trending downward on the weekly chart, as the XRP price is testing the support trend line, suggesting a potential decline in momentum.
As of the latest update, XRP is trading at $0.5308, down 3.81% in the last 24 hours. Over the following seven days, the digital currency experienced a steeper decline, losing 6.8% of its market value in a comprehensive bearish sell-off.
