Despite the recent crypto market sell-off that caused havoc on the prices of top assets, XRP has shown resilience and has impressed popular trading mentor Jacob Canfield. XRP plummeted below the $2 mark but rebounded nicely and is currently hovering above $2.3. Canfield took to Twitter to express his admiration for XRP’s ability to hold up well during the market bloodbath, calling it ‘remarkable.’ He noted that he expected XRP to remain below $2 but was surprised to see it trading above $2.3 and emphasized that XRP is ‘worth monitoring.
XRP’s recent performance has been remarkable, with CNBC describing it as the biggest winner in the recent crypto rally led by former President Donald Trump, as it spiked by 370% compared to the broader market’s 93% gain. XRP’s price surged from around $0.5 in early November to $2.86 on December 3 but experienced a significant dip to $1.90 on December 10. However, it rebounded to $2.71 a week later, thanks to the launch of Ripple RLUSD stablecoin. Despite another plunge below $2 recently, XRP bounced back above $2.3, showcasing its strong resilience amid market volatility.
Charting Guy, a popular crypto analyst, noted that XRP’s recent price movement resembles a pattern from 2017 and believes that the recent low could mark the end of the downtrend before XRP resumes its uptrend by next weekend. He predicts that XRP could reach a new all-time high by January, surpassing the previous ATH of $3.84 registered on January 4, 2018. Additionally, crypto whales holding between 1 million and 10 million XRP have accumulated 80 million XRP since the correction began on December 17, taking advantage of the dip to increase their holdings.
Furthermore, the recent dip in XRP’s price has not deterred investors, with the cryptocurrency up 2.06% over the past 24 hours despite being down 5.73% in the past week. The market continues to be volatile, but XRP’s resilience amidst the downturn has garnered attention from traders and analysts alike. With the potential for XRP to resume its uptrend soon, many in the crypto community are keeping a close eye on the coin’s price movements and anticipating further bullish momentum in the coming weeks.
