According to Cointelegraph: Despite a generally positive sentiment prevailing across the cryptocurrency market, XRP's price movements have significantly lagged in the ongoing rally, with returns just at 1.85% in 2024. Bitcoin and Ether have outperformed with gains of 58% and 68.50% respectively in the same period. However, trends suggest a potential shift in momentum for XRP.
While the XRP/BTC pair has seen an 88% loss over the past five years, there is conjecture that the scenario might alter. Technical analysis reveals XRP has been under intense sell pressure at its multi-year descending trendline resistance since December 2017. In 2024, decisive closes above this trendline have eluded traders.
Interestingly, a considerable reduction in XRP's whale count i.e., addresses holding at least 100,000 tokens, indicates waning interest from wealthier investors in 2024. Adding to the uncertainty is the ongoing legal dispute between Ripple (the company behind XRP) and the U.S. Securities and Exchange Commission (SEC), set to persist until May 2024.
Despite the trudging performance this year, a bullish technical scenario sees XRP poised for a 15% surge towards $0.75 by June 2024. Further, a breakout upwards could even stimulate price levels as high as $1.11, echoing a historical trend from 2014-2017. In such a case, XRP's price could catapult to a new record high above $3.55 in the months to follow.
On the contrary, XRP faces a potential 20% decline to $0.50 from the current price levels if the resistance trendline prompts a pullback. The $0.50 mark underscores a critical phase for the bulls with respect to the 200-week exponential moving average and a multi-month ascending trendline support.
Only time will reveal whether XRP can recoup its momentum and deliver against the broader market gains, offering intriguing possibilities for investors and traders watching the space.
