Ripple price has emerged as an underperformer among the major cryptocurrencies in the last two months. Since October 2023, Bitcoin and most altcoins have been on fire. However, XRP crypto has failed to show a similar price action and has posted very modest gains during this time.
Currently, XRP is priced at $0.6168 after a 2.8% pullback on Friday. The bearish price action can be attributed to the increased selling pressure across the board in the crypto markets as Bitcoin price fell below $42,000 once again. At press time, the pioneering digital currency was changing hands at $41,774, down 1.84% for the day.
Many crypto investors loaded XRP bags when the Ripple vs SEC lawsuit ended with a major victory for the former. After this legal win, the XRP price doubled within a couple of days. However, the price action reversed after the altcoin hit its high timeframe resistance of $0.92.
Since then, the price has been trading sideways within the $0.45-$0.75 region. In fact, for the past few weeks, the volatility has reduced even further. This sluggish movement appears to be a calm before the storm.
Although Ripple price prediction is not looking very bearish, it still needs to show some strength by breaking above a few critical resistances. The nearest resistance in this regard is the $0.644 level as marked on the following chart. A break above this level would likely trigger a move toward the $0.70-$0.72 region.
This post was last modified on Dec 29, 2023, 18:10 GMT 18:10