Is it the bottom of XRP? Ripple explodes 20% from lows of $1.96

TL:DR;

The entire cryptocurrency market suffered a massive drop in the past few days, but Ripple’s cross-border token was among the poorest. Since then, however, XRP has gained roughly 20%, which begs the question of whether it has found the bottom.

XRP bounces back

The developments at the start of the trading week could not really predict what would happen a few days later. On Monday, Ripple announced that its long-awaited stablecoin will finally see the light of day the next day (December 17) after the NYDFS cleared it.

The price of XRP reacted positively to both the announcement and the subsequent release, as its price soared from $2.35 to a multi-day high of over $2.7 on Tuesday. After a minor pullback to $2.6, things turned sour on Wednesday after the latest US FOMC meeting.

XRP, along with the rest of the market, fell below $2.25, losing almost 20% of its value in 36 hours. While it was already a painful pullback, the picture worsened on Thursday and Friday as the asset fell below $2 for only the third time since December 1.

Thus, the Ripple token had dropped 28% from Tuesday to Friday, from $2.72 to $1.96. The bulls finally rallied at this point and did not allow further declines. On the contrary, XRP bounced back and has gained around 20% since then, currently at $2.35.

According to popular analyst X Dark Defender, XRP is “twice touching the 4-hour charts for both RSI and price,” which, along with the “tremendous bullish pin” on the daily chart, suggests that the asset has already bottomed out and is ahead. more earnings

XRP double tap on 4-hour charts for both RSI and price.

Also, the daily frame has a tremendous bullish pin bar.

These are the first signs that the momentum will continue.

Time will tell pic.twitter.com/85zgnzOhvC

— Dark Defender (@DefendDark) December 20, 2024

It’s about perspective

During the lows, many crypto commentators began to speculate whether the global bull cycle was over. After all, the entire crypto market capitalization lost roughly $500 billion in just a few days.

However, Moon Lambo outlined a different view of these pullbacks, including XRP’s fall. The YouTuber spoke of having perspective as XRP, for example, was below $0.5 less than it was two months ago. Consequently, going from over $2.7 to under $2 is really painful, but looking at it on a broader scale, it still shows that the asset is much higher than it used to be a few weeks ago.

Like someone who has been holding on $XRP for over 7 years while the price has been well below $1.00 for nearly 100% of that time and never sold a single $XRP never, I must say…

It’s funny to me that people are freaking out $XRP *dropped* to $2.15.

Holy shit, I was 49 years old… pic.twitter.com/1FoohjdxUv

— Moon Lambo (@MoonLamboio) December 20, 2024

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