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XRP price remains in its bearish state amid sustained broader market selloff
The cryptocurrency market shows no signs of recovery, as the leading assets, Bitcoin (BTC) and Ethereum (ETH), remain down by 2.88% and 3.95% to $39,736 and $2,322, respectively. XRP is in the bearish league as well, dropping by 2.59% in the past 24 hours to $0.5218.
Commenting on the trend, market analyst XRP_Shark noted that XRP might be close to its bottom with a potentially positive move up, likely moving forward.
XRP Price Floor Mark
Per the general rule of thumb, after much drawdown or selloff, a rebound is imminent. Pointing out his planned moves, XRP_Shark said he would load up on XRP should the price fall between the $0.35 and $0.45 range.
While XRP has not dropped below the $0.45 price mark since mid-May 2023, the analyst is convinced the quoted range will be the “bottom area of this move down.” Should this happen, XRP_Shark expressed optimism for a “violent” recovery.
Looking to load up a bit on XRP in the coming time between .35-.45 🍻 I personally think that will be the bottom area of this move down and a violent move to the upside is following. Invalidation below .30 cents (would be pretty bad to see it go past that level) 🍻 pic.twitter.com/OA0SbXOEOZ
— XRP_Shark (@XRP_Shark) January 22, 2024
XRP has weathered a lot of bearish storms and even survived the crypto winter. Before this winter, the asset failed to record parabolic gains in the preceding bull run, owing to the Ripple vs. US SEC lawsuit over its securities status at the time.
While it has not retested the $1 price mark for a while, it has also defended the $0.3 level. Notably, XRP_Shark noted that any drop below the $0.3 mark might create an unpleasant surprise for investors overall.
The XRP Advantage at Play
As pointed out earlier, XRP is not alone in the ongoing bearish drawdown. However, it is one of the most established digital currencies in the market, as it is the only coin recognized by law as a non-security, thanks to Judge Analisa Torres upholding her July 13 ruling.
This advantage opens XRP up for embrace by both retail and institutional investors in the long term. While still uncertain, the conversations around a potential spot XRP ETF are growing in the ecosystem, a product which, if it goes live, can boost the sentiment surrounding XRP in no small measure.
At the time of writing, the coin’s market cap has dropped 2.74% in 24 hours to $28,356,258,471, while trading volume is up 77.84% to $1,143,449,004