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XRP Plots Dramatic Comeback, Here Are Catalysts to Watch

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Thu, 18/01/2024 - 12:51
XRP Plots Dramatic Comeback, Here Are Catalysts to Watch
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XRP is lagging on the broader market as top altcoins find their way back into profitable zones. At the time of writing, data from CoinMarketCap pegs the price of XRP at $0.565, down 0.87% in the past 24 hours. For the past 24 hours, XRP has been hovering between two major extremes, from $0.5631 to $0.5722.

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A look at the XRP/USDT 1D chart shows that a breakout in XRP’s price is looming on the horizon. The token has started diverging away from the lower Bollinger Bands, a strong showcase of a momentum change. Should XRP conquer the Neutral Bollinger Bands, its potential to grow toward the $0.6 price mark will be validated.

There is confirmation of this brewing potential comeback showcased by the Moving Average Convergence Divergence (MADC) indicator. Here, the MACD line and the Signal line are on par, and a major shift could reverse the current stalemate on the market.

XRP/USDT 1D Chart via TradingView

At the moment, XRP is among the tokens that have not had major gains in the past week or since the start of the year. However, it has managed to maintain its ranking as the sixth largest token behind Solana (SOL), which displaced it late last year.

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XRP growth catalyst to watch

XRP has a couple of features that make it an excellent candidate for growth; however, it has not started wielding it properly. The coin’s utility as a payment and settlement token is the biggest fundamental that can power its growth, but the rate of expansion of this fundamental has been at a low ebb, even with Judge Analisa Torres ruling that the coin is, in itself, not an investment contract.

XRP whales have been making a big play to change the status quo in recent times, however, the complement from retail investors is not coming forth as 24-hour trading volume has shifted to $900,073,140 from an average $1.3 billion earlier this year.

Should all these factors align and emerging protocols on XRP Ledger (XRPL) stir adoption, XRP might be on its way to reclaiming lost ground.

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