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The XRP price plunged 2% in the last 24 hours to trade at $2.33 as of 02:37 a.m. EST on trading volume that dropped 15% to $14.2 billion.
After hitting its yearly high of around $2.90 on December 3, the Ripple token’s price has plunged 18%.
While investors hope for a strong rebound, their optimism may be tested if Bitcoin dominance surges, Swyftx lead analyst Pav Hundal told CoinTelegraph
“The real danger right now for highly leveraged XRP bulls is that Bitcoin dominance increases again,” he said. “A rotation from XRP to Bitcoin would very likely lead to a bloodbath of liquidations.”
XRP Price Currently On A Slight Correction But Still Bullish
The price is in a bullish trend overall, as evident from the parabolic price movement since early November. The sharp rally has pushed the price significantly above the 50-day ($1.03) and 200-day ($0.66) Simple Moving Averages (SMAs), which are key indicators of a strong uptrend, according to data from GeckoTerminal.
After reaching a high near $2.90, the chart shows a pullback or correction. This is typical after a parabolic rise, as traders take profits.
Meanwhile, the Relative Strength Index (RSI) is at 72.98, indicating that the asset is in the overbought zone, which aligns with the recent sharp rally. However, the RSI has started to curve downward, showing weakening momentum and confirming the ongoing pullback.
The Moving Average Convergence Divergence (MACD) line (blue) is above the signal line (orange), which is bullish. However, the MACD histogram is shrinking, showing weakening momentum as the pullback continues.
If the MACD crosses downward, it could indicate further correction.
XRP Price Prediction
According to the XRP/USD chart analysis, the XRP price is currently on a slight correction. If this correction could continue in the short term, the price of Ripple Token could potentially test the $2.00 support or the 50-day SMA around $1.03 if the pullback deepens.
If the descending wedge pattern breaks upward, the price could resume its bullish trend. A potential target would be a retest of the recent high near $3.00, with further upside possible depending on market conditions.
As the XRP price aims for a rebound, investors looking for alternative investments may want to consider Crypto All-Stars (STARS), which according to ClayBro, a prominent crypto analyst on YouTube with over 130K subscribers, has the potential to soar 10X after its launch.
Crypto All-Stars Presale Heads For $10 Million – Last Chance To Buy
Crypto All-Stars ($STARS) is a groundbreaking project that brings the MemeVault ecosystem into the crypto world, allowing investors to stake multiple meme coins in one place for the first time, earning rewards in $STARS tokens.
The project supports 11 popular meme coins, including Pepe, Dogecoin, Shiba Inu, Bonk, Milady, and Turbo, with plans to expand the list going forward. This multi-coin support enhances the platform’s versatility and helps it appeal to a wider audience.
Why Is Everyone Excited?
In its initial presale phase, Crypto All-Stars raised over $350k! 💰
This early success shows that investors see BIG potential here. 🚀
Could this be the next $PEPE? 👀
— web3telepath (@web3telepath) August 15, 2024
Traders can also stake STARS tokens for a huge 246% annual percentage yield (APY).
Meanwhile, the Crypto All-Stars presale is set to conclude within 14 days. The project has already garnered significant traction, exceeding $9.2 million in presale funding and amassing over19,000 followers on X.
Currently, $STARS is available for just $0.0016782.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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