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XRP Bulls Break Rank as Current Uptrend Gets Rejected

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Sat, 30/12/2023 - 9:51
XRP Bulls Break Rank as Current Uptrend Gets Rejected
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XRP is experiencing an extension of its price drawdown at a time when it notably craves a bullish correction to extend its overall year-to-date (YTD) gains. Data from CoinMarketCap shows that XRP has dropped by 0.39% in the past 24 hours as its price fell to $0.6231. Per the current outlook, XRP has now shrunk its weekly gains to a marginal 1.11%.

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XRP has had a tumultuous year with notable highs and lows recorded. There has been a mixture of positive gains and losses for this year, with January ending with a 20.1% surge, an uptrend succeeded by a more than 7% slump in February. The cycle of growth and slumps was repeated in March and April through August as XRP bulls and bears jostled to control the coin’s trend.

The cycle of intermittent rise and falls was broken in September as a sustained uptrend resumed. While the gains for each month from September through November have been mild, it has somewhat culminated in the overall attempt by XRP to end the year on a bullish note.

The 2.78% growth recorded thus far in December shows the stress test being passed by the coin as it seeks to break the month’s bearish cycle from 2017.

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XRP ambitions may get dramatic boost

With the year ending in less than 40 hours and XRP bears seeming to be in control, many within the XRP Army are optimistic that the cryptocurrency can get a dramatic year-end growth boost in the time remaining.

While retail investors appear to have sheathed their swords thus far for the year as showcased by the 25.81% slump in trading volume to $1,079,991,984, the actions of market whales remain promising and can help drive the desired uptrend in the price of the asset.

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