The price of XRP, the cryptocurrency affiliated with Ripple, has taken a hit over the past 24 hours, dropping by more than 6% according to data from CoinGecko. Despite this, there is a glimmer of hope for XRP bulls, as the XRP/USDT pair has formed a bullish divergence on an hourly chart, as reported by the 100eyes Crypto Scanner. This divergence indicates that despite the price drop, the Relative Strength Index (RSI) is on the rise, suggesting that the current bearish trend may be losing strength.
While this bullish divergence offers some optimism for XRP investors, it is important to consider it alongside other key technical indicators before making any trading decisions. Despite this potential relief bounce, XRP remains the worst-performing token in the top 10 following its recent price plunge. Other major tokens like Cardano (ADA) and Dogecoin (DOGE) have also experienced losses, with declines of 5.9% and 5.7% respectively. Bitcoin, the leading cryptocurrency, has also seen a drop of more than 3% after nearing the $100,000 mark around Christmas.
XRP’s struggles to regain its record high from early 2018 have been well documented, with a recent rally prompted by the launch of Ripple’s RLUSD stablecoin proving to be short-lived. Despite coming close to a new record peak in early December, XRP fell short, currently sitting at a 36.3% distance from reclaiming its all-time high. However, there are some potentially bullish catalysts on the horizon that could help reignite the XRP rally in 2025.
One such catalyst is the SEC’s newfound crypto-friendliness, which could ease regulatory uncertainties surrounding XRP and boost investor confidence in the token. Additionally, the growing buzz around a potential XRP ETF could also provide a significant boost to XRP’s price and market position. As the crypto market continues to evolve and adapt to changing regulatory landscapes, XRP may find itself in a more favorable position to capitalize on these opportunities and potentially make a comeback in the near future.
In conclusion, while XRP’s price has experienced some fluctuations in the short term, the formation of a bullish divergence on the XRP/USDT pair offers hope for a potential relief bounce in the near future. Despite being the worst-performing token in the top 10, XRP could benefit from bullish catalysts like the SEC’s crypto-friendly stance and the XRP ETF buzz to reignite its price momentum in 2025. Investors should keep a close eye on these developments and consider the broader market trends before making any trading decisions related to XRP.
