XRP Declines as Market Experiences Downturn – Is a Drop Below $1 Possible?

Cryptocurrency values are plummeting this week in response to the Federal Reserve’s assertive remarks regarding its monetary policy measures for 2025 and inflation. XRP has been caught in this turmoil, experiencing a decline of 8.4% over the last 24 hours.

Nonetheless, the initial panic in the market has been easing as the U.S. trading session commences, with XRP’s price momentarily rebounding from a significant horizontal support level.

The performance of this digital asset in 2024 has been impressive, achieving a rise of 252.6% since the beginning of the year.

A favorable court decision in its case against the United States Securities and Exchange Commission (SEC) has been one of the key factors contributing to its price increase.

Additionally, Donald Trump’s win in the November presidential election has also aided in boosting the value of Ripple (XRP) to new heights, primarily due to the new administration’s supportive stance towards the blockchain industry.

As a blockchain company based in the U.S., Ripple is poised to gain from pro-crypto policies advocated not only by Trump but also by a significant number of supportive legislators. These lawmakers are expected to take their seats in Congress soon and could facilitate the approval of a long-anticipated legal framework for the sector.

This just in…we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.

— Brad Garlinghouse (@bgarlinghouse) December 10, 2024

On December 10, the CEO of XRP announced that the company received authorization from the New York Department of Financial Services (NYDFS) to launch its new stablecoin RLUSD.

Once this new asset is available on all major exchanges, it could lead to a significant surge in network activity for Ripple and potentially signal the start of a new chapter for the blockchain.

XRP Recovers From Early Losses During American Session

Today’s price movements were particularly noteworthy as the price dipped to a crucial support level at $1.95 per coin, prompting buyers to take advantage of the opportunity.

Consequently, the American trading session reversed all of these initial losses, pushing the price back above the $2 mark. However, the trend line support has now been breached, indicating that the price may follow a different trajectory.

Currently, the Relative Strength Index (RSI) has moved out of overbought territory and is approaching the 50 level – a neutral zone that often indicates the trend’s direction. As long as the oscillator remains above this level, momentum is still considered positive.

However, another significant downward movement similar to what was observed earlier today could lead to a breach of this critical support, potentially driving XRP down to the $1.5 range where the next horizontal support is located.

Meanwhile, a crypto analyst known as XRP whale predicted yesterday on his X account that the asset’s price will reach $3 within the next 72 hours. He attributed his optimistic prediction to the approval of RLUSD, which is viewed by many XRP enthusiasts as a significant milestone for this blockchain initiative.

$XRP WILL HIT $3 IN THE NEXT 72HRS!#XRP

— XRP whale (@realXRPwhale) December 20, 2024

Similar to XRP, other cryptocurrencies have regained some of the ground they lost during the Asian trading session. Solana (SOL) is currently showing a slight 1.9% decline after a sharp 18% drop earlier in the day, while Dogecoin (DOGE) is also down just 0.9% after experiencing a decline of around 20% just hours prior.

This Meme Coin Keeps Raising Millions Despite the Market’s Heightened Volatility

Wall Street Pepe ($WEPE) has secured over $33 million in funding from investors during its presale, despite the recent downturn affecting tokens in this segment of the crypto market.

The success of its predecessor, Pepe Unchained ($PEPU), seems to have paved the way for this new Pepe-the-frog-themed asset to attract such significant investment, in addition to the attractive price of $0.0003651 at which the token is being offered.

Welcome to the fam. pic.twitter.com/uSoEfKvt7I

— Wall Street Pepe (@WEPEToken) December 20, 2024

$WEPE is a parody character of the ‘Wolf of Wall Street’ with a mission to disrupt the status quo in the crypto space by shifting power away from affluent market whales. To accomplish this, he is assembling a dedicated following – the WEPE army – who will hold their tokens with great commitment.

The presale concludes in just 17 hours, and crypto experts are confident that the success of this initial offering will carry over to the next phase of the project – its listing on decentralized exchanges (DEXs).

Early investors in $PEPU achieved triple-digit returns from their presale investments, and $WEPE has positioned itself well to provide similar profits.

You can purchase $WEPE before the presale ends by visiting the official Wall Street Pepe website. You can connect your wallet to exchange ETH or USDT for $WEPE or use a bank card. Additionally, if you currently lack a wallet, Best Wallet offers excellent features to monitor the most exciting offerings in the market right now.

The post Christmas Sale or Crypto Crash? XRP Plunges as Market Bleeds Red – Can XRP Fall Below $1? appeared first on Cryptonews.