There's Silver Lining for XRP Bulls Following 6% Plunge
2024-12-27
Category: None

The price of XRP, the Ripple-affiliated cryptocurrency, is down more than 6% over the past 24 hours, according to data provided by CoinGecko. 
However, according to the 100eyes Crypto Scanner, the XRPUSDT pair has formed bullish divergence on an hourly chart. 
This indicates that XRP bulls might potentially see a relief bounce in the near future. 
A bullish divergence tends to happen when the Relative Strength Index (RSI) is on the rise despite a price drop. 
This shows that the current bearish trend is gradually getting weaker. 
Of course, this bullish divergence should be taken with a grain of salt since it has to be analyzed in combination with other major technical indicators. 
For now, XRP remains the worst-performing token in the top 10 following its 6% price plunge on Thursday. 
Some other major tokens are also in the red, with Cardano ADAUSD and Dogecoin DOGEUSD slipping by 5.9% and 5.7%, respectively. 
Bitcoin, the leading cryptocurrency by market capitalization, has now dropped by more than 3% after approaching the much-level $100,000 level on Christmas. 
Recently, XRP experienced a short-lived rally following the official launch of Ripple's RLUSD stablecoin. However, this was not enough to reignite XRP's momentum. 
The token is still 36.3% from reclaiming its record high that was achieved in early 2018. It came close to reaching a new record peak in early December but fell short. 
However, there are some bullish catalysts that could potentially reignite the XRP rally in 2025. These catalysts include the SEC's newfound crypto-friendliness and the growing XRP ETF buzz. 