TL;DR
- Cryptocurrency Market and XRP Decline: The crypto market’s value dropped to $1.65 trillion, with XRP’s price falling 5% to $0.62 amid a broader downturn in major digital assets.
- Analysts’ Positive Outlook for XRP: Despite the dip, analysts predict a favorable future for XRP, with forecasts of a rise to $1.40 by March 2024 and potential for a “Golden Cross” event boosting its valuation.
- Strong On-Chain Metrics for XRP: On-chain data shows over 1.5 million XRP transactions in a day and a growing number of XRP wallets, suggesting a possible upcoming rally.
‘XRP Army, Stay Steady’
The cryptocurrency sector, which was ascending almost each day last week, finally took a breather and plunged to approximately $1.65 trillion (per CoinGecko’s data). Leading digital assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Cardano (ADA), and Ripple (XRP), are all in the red, with crypto participants awaiting the market’s next move.
Ripple’s native token has plunged around 5% in the past 24 hours and is currently worth $0.62. Nonetheless, the setback has not stopped some cryptocurrency analysts from envisioning a bright future for the coin.
The popular X (Twitter) user EGRAG CRYPTO claimed the recent “flash crash” in the market should act as a “stark reminder that leveraging these trades can lead to devastating losses.” Still, the analyst argued that XRP is on the right path, predicting its price to rise to $1.40 by March 2024.
Other experts, including the one using the X handle JD, have been even more bullish, forecasting that Ripple’s token might soon experience a so-called “Golden Cross.” Such a development where the short-term moving average crosses above the long-term moving could significantly boost the XRP valuation.
Those curious to find out how the cryptocurrency might perform in the remaining weeks of the ongoing year could take a look at our dedicated video below:
XRP Prepares for a Rally?
Despite the recent price decrease, some on-chain metrics indicate that XRP might be on the verge of a future ascend. As observed on xrpscan, the number of executed transactions hit over 1.5 million on December 9 and more than 1 million the following day.
In addition, there has been a rise in the number of newly activated accounts, while the number of XRP wallets has surpassed the 4.9 million mark.
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