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The XRP (XRP) price is attempting a recovery as more than $1 billion in 24-hour trading volume floods the market. Near-term price predictions could turn significantly more bullish if the cryptocurrency pushes above its 21-day moving average (21DMA) and a key long-term uptrend.
24-hour trading volume recently reached $1.32 billion, marking the highest level in three days.
XRP was last trading just under $0.55, eyeing a test of its 21DMA at $0.5530. If it breaks above this level, a retest of the uptrend from 2023 into 2024 in the $0.57 area becomes likely.
Around this level, many XRP bears may look to add to short positions. After all, XRP’s break below its long-term uptrend was a strongly bearish signal.
This could mean elevated sell pressure, and any recovery back toward $0.57 could be short-lived.
Any recovery in the XRP price back towards $0.57 could be short-lived. Source: TradingView
However, if XRP can rally back above this long-term uptrend, it would suggest that the latest dip was a fake-out.
A rally toward the late 2023 and early 2024 double top around $0.75 would be on the cards.
Given that the broader cryptocurrency market could be shaping up for a rally post-halving, the possibility of XRP upside should not be dismissed.
Macro headwinds appear to have abated ahead of the release of US Core PCE inflation data on Friday. Bitcoin (BTC) is also looking strong after the halving, having pushed back above $66,000.
BREAKING: #bitcoin has reclaimed $66,000
— wallstreetbets (@wallstreetbets) April 22, 2024
XRP Price Prediction – Is XRP Making a Comeback?
XRP bulls are hoping that the latest price upside marks the start of a comeback for the cryptocurrency.
Indeed, XRP has been sluggish in recent months. While Bitcoin and Ether (ETH) rose 56% and 40% in the past 90 days, XRP dropped 12% in the same timeframe.
Some potential fundamental tailwinds could soon arrive to help XRP close this gap.
Firstly, Ripple recently announced plans to launch its own USD stablecoin. The hype surrounding this stablecoin could help boost optimism for XRP.
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Secondly, the SEC vs. Ripple lawsuit could soon conclude. The SEC has requested a $2 billion fine against the company, claiming it issued XRP as a security. This should ease concerns about XRP’s regulatory outlook in the US.
XRP’s underperformance in recent months compared to other major cryptocurrencies suggests it could be trading at a cheap valuation.
Indeed, the XRP price could easily double back towards $1.0 in this bull market. That would take its market cap from around $30 billion to nearly $60 billion.
XRP investors should remain cautious, however. XRP’s lack of innovative use cases beyond Ripple’s business operations and its lack of decentralization suggest it may struggle to keep pace with Bitcoin, Ethereum, and Solana in the long run.
The XRP/BTC exchange rate could soon break below its 2021 lows and continue falling toward zero.
XRP Alternative to Consider – Megadice
Crypto investors looking for investments with greater upside potential should consider presale investing.
Web3 projects and protocols often sell their native tokens at an early-bird discount to raise funds for development.
If they identify a good project that gains traction in the market, presale investors can book gains of as much as 10x or more.
One such project that analysts at Cryptonews are big fans of is Mega Dice Casino.
This already well-established crypto casino has launched a presale of its utility token, DICE.
DICE holders receive significant cashback benefits on their wagers and can also generate passive income via DICE staking.
The crypto casino is also running a series of exciting airdrops to reward early presale investors.
Join the $DICE airdrop and earn your share of the $750,000 airdrop
To stand a chance, wager $5000 or more between 12.04.24 to 03.05.24 – with a maximum airdrop of $37,500 per player!
The more you wager, the bigger your airdrop
How to qualify & FAQs
pic.twitter.com/Qv8GaxuayC
— Mega Dice Casino (@megadice) April 22, 2024
pic.twitter.com/Qv8GaxuayCThe project is already close to having raised $500,000. Potential investors should move quickly, as when the $1 million milestone is hit, the DICE price will rise.
Check Out Mega Dice Casino’s Presale
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