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XRP Price Disappoints in Recovery, But Is There Hope for 2024?

The cryptocurrency market is seeing XRP disappoint in its ongoing recovery, failing to return to its historic price high set in January 2018. However, these negative developments May change in 2024.

XRP Lags Behind Bitcoin

Amid the bullish sentiment in the crypto market, XRP failed to post significant gains. While Bitcoin (BTC) and Ether (ETH) increased by 58% and 68.50% respectively, XRP only had a return of 1.85% in 2024. In particular, the XRP/BTC trading pair lost 88% in 5 over the past year, as investors turned their attention to newly launched Bitcoin ETFs and speculated about an Ethereum ETF.

Selling Pressure and Technical Challenges for XRP

XRP price faced extreme selling pressure from the descending trendline since December 2017. By 2024, traders had difficulty closing above this trendline. The decline in XRP also coincides with the decreasing number of whales (addresses holding at least 100,000 tokens), indicating a decrease in motivation on the part of wealthy investors.

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Arbitrum DAO Rejects Proposal to Fund Tornado Cash's Legal Defense

Today, the cryptocurrency market witnessed another shocking situation when Arbitrum DAO decided to scrap an important proposal for legal funding for the Tornado Cash project. The proposal aims to transfer nearly $1.3 million worth of ARB tokens from the community wallet to support developers Roman Storm and Alexey Pertsev, who are behind the cryptocurrency mixing service Tornado Cash.

According to information, the delegate with the pseudonym DK submitted this proposal on March 7 with the goal of providing legal protection for developers. However, according to an Arbitrum spokesperson, this proposal was removed from the system at DK's request.

The reason behind the removal of this proposal was not clearly disclosed. However, it has created concern and confusion in the cryptocurrency community.

https://coinspake.com/arbitrum-dao-tu-choi-de-xuat-tai-tro-cho-bao-ve-phap-ly-cua-tornado-cash/

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Bitcoin is forming a strong bullish flag, demonstrating readiness for a breakout with support from technical indicators, on-chain and fundamental factors.

BTC Bullish Pennant and New Bullish Target Bitcoin price is currently in a consolidation phase and moving sideways like a triangle, simulating a bullish pennant. With a new all-time high of $69,210, the expected breakout could take the price to $92,500 in the coming weeks, a 35% increase from current levels.

Bitcoin ETF Inflows Increase Strongly Bitcoin's price increase has been accompanied by a significant increase in capital inflows into Bitcoin ETF funds in the US. Latest data shows these funds hold more than $53 billion, pushing the Bitcoin price target to $100k by October 2024, according to analyst Timothy Peterson.

2020 Bitcoin Fractal Forecasts Rising Profits The similarities between current Bitcoin price action and a 2020 fractal suggest that the next bull run could be highly profitable. If the historical scenario repeats itself, BTC price could reach $75,000 after a successful breakout cycle higher.

With these positive signals, the market is expecting a big step forward in Bitcoin price in the near future.

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