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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