The XRP price has lost its speed in November 2024 and has gone to a technical bear market after falling from this year’s highest point to 25%.
Ripple retreated to $ 2.5 on Friday as Crypto investors were waiting for the upcoming Crypto summit at the White House.
The summit will highlight the plan of Donald Trump and the possible coins to be incorporated for a strategic crypto reserve. In a statement on Sunday, he indicated that his favorite coins would be bitcoin (BTC), atherium (eth), Ripple, Solana (Sol), and Cardano (ADA). However, he signed for a strategic bitcoin reserve only on Thursday.
Analysts are pessimistic that the US will create a strategic XRP reserve. A Polymercate pole These obstacles with approximately $ 450,000 in the property are placed at only 29%.
In a recent statement, Willy Wu, a popular analyst with more than 1 million X followers, argued that having a strategic XRP reserve was a bad idea. He argued that no other country would buy a US-controlled XRP and that bitcoin was the only geologically neutral property like gold.
Other analysts, including Tyler Vinkalvos, argued that XRP and other altcos such as Sol and ADA did not meet the criteria for a reserve. He said that a property requires hard money which is a proven store of value like gold.
Furthermore, it is not clear whether a divided Congress will approve or not to create an XRP reserve. To do this, Trump will need most of the votes in the House of Representatives and 60 in the Senate.
On the positive side for the XRP price, the possibility of approving a spot ETF by the Securities and Exchange Commission is high. They have jumped up to about 80% on polymercate. There is also a possibility that SEC will end its litigation against Ripple Labs as it is done with other companies like Uniswap, Coinbase and Gemini.
XRP price technical analysis
The daily chart suggests that the price of XRP reached $ 3.4162 in January and currently crashed up to 25% by $ 2.50. It has fallen below 23.6% Fibonacci retracement level at $ 2.7315.
The XRP has moved to a 50-day moving averages and has formed a head and shoulder chart pattern. This pattern includes a head at $ 3.4162 and shoulders at approximately $ 3. The neckline of this pattern at $ 2.
Therefore, a strong recession in the coin will be broken as the sellers target 61.8% of the retrace at $ 35% from the current level at $ 1.6215. A drop below that level will be $ 1.1340, 78.6% more negative at the retracement level, which is 55% below the current level.
Disclosure: This article does not represent investment advice. The materials and materials painted on this page are only for educational purposes.
