- XRP plunged by 10% in the last 24 hours.
- However, XRP proponents believe price could swing upward soon.
Like other top cryptocurrencies, the price of XRP, the native token of blockchain payment firm Ripple, significantly decreased on the 3rd of January. At press time, AMBCrypto observed that the value of XRP had decreased by 10.02% in the last 24 hours.
XRP’s price as of this writing was $0.57. This decline indicated that the selling pressure was enough to breach the $0.60 psychological support.
Despite the harsh start to the year, a recent report by CoinShares showed that the token did well in 2023 in terms of capital allocated to Exchange-Traded Products (ETPs)
XRP in 2023
CoinShares is a leading digital-asset investment firm. Every week, it reports about the fund flows crypto investment products get.
According to the annual report published on the 3rd of January, CoinShares noted that the XRP inflows jumped from the previous year.
In 2022, the total fund flow linked to the token was worth $9 million. But in 2023, the value doubled to $18 million.
Source: CoinShares
The notable influx was a sign of investors’ belief that XRP had become a promising asset again. Though the inflows were slow at the beginning of the year, Ripple’s partial win over the SEC propelled a surge in the fund flows.
As a result of the judgment, the price of the token crossed $0.90. This surge was also instrumental to the 68.94% experienced all through 2023.
Despite the impressive performance last year, it seems that 2024 might be a little challenging considering what has happened in the first week.
Now is not the end for XRP army
However, members of the popular XRP Army believe that the cryptocurrency potential remains a bullish one. For example, Egrag Crypto, a trader and XRP holder, shared details of his analysis with the community.
According to him, the technical setup showed that the token could move as high as $1.80 at one point.
#XRP Structural, Sentiment, & Psychology Analysis (Update):
Even if #XRP did the below Green move, it will be one of the most #Bullish Set ups. #XRPArmy STAY STEADY, because now temptation to surrender starts to encroach your thoughts. #XRPArmy STAY STRONG 💪💪 💪💪💪💪💪 https://t.co/6IZLMwqk6G pic.twitter.com/u9QYNNSWM2
— EGRAG CRYPTO (@egragcrypto) January 4, 2024
In another post, Egrag mentioned that XRP’s price could swing upward soon. He also noted that a retest of $0.55 could be the catalyst the cryptocurrency needs to reverse northward.
Price-wise, the 4-hour XRP/USD chart showed that the cryptocurrency was oversold. At press time, the Relative Strength Index (RSI) was 31.90, suggesting a bearish momentum. However, being oversold is not entirely a bad thing for XRP.
This is because sellers might become exhausted, and if bulls capitalize on the movement, the price may recover.
Furthermore, the volatility around the token increased, as the Bollinger Bands (BB) indicated. The BB also confirmed the RSI overbought signal since the lower band touched the token’s price.
Source: TradingView
How much are 1,10,100 XRPs worth today?
For now, XRP might find it hard to recover to the $0.60 region. A price jump still remains an option for the cryptocurrency.
However, the current market sentiment showed that the revival might not be quick.