XRP Price Forecast As It Holds Above Crucial 200-Day EMA – A Sign Of Stability Or Deception?

The XRP price is down 2.5% in the last 24 hours, to $0.5497, as the crypto market as a whole is down 3% today.

XRP is also down 7.5% in the past week and 10% in a month, although the altcoin has risen 42% in the past year.

And while its price has managed to hold above its 200-day exponential moving average for most of the past few weeks, it has just begun to show signs of falling below, which could be ominous.

Still, in the longer term, 2024 is likely to become an increasingly bullish year for crypto as it progresses, so the XRP price could revive itself again soon enough.

XRP Price Forecast As It Holds Above Crucial 200-Day EMA – A Sign Of Stability Or Deception?

Let’s not beat around the bush: XRP’s chart doesn’t look particularly inspiring at the moment, with its indicators showing clear signs of weakness.

Most importantly, its RSI (purple) has dipped below 40 over the past few days, a sign of increasing selling pressure.

At the same time, XRP’s 30-day average (yellow) has clearly started to decline towards its 200-day (blue), indicating a process of decline that still has a lot of time before it is likely to reach the end.

And speaking of falling, the XRP price has indeed dipped below the 200-day EMA today, providing a very bearish indicator that could signal further incoming losses.

So the key support level (green) in this regard is $0.55: if XRP falls significantly below this price, it could spook current holders and force more of them to sell.

Aside from the continued post-Bitcoin ETF selloff, whales appear to have driven XRP’s recent declines, with data revealing several large transfers to exchanges in the past few days.

🚨 20,100,000 #XRP (11,482,755 USD) transferred from unknown wallet to #Bitsohttps://t.co/E68SrUGQtF

— Whale Alert (@whale_alert) January 17, 2024

And there is currently no sign of renewed accumulation, implying that XRP could lose more before making a concerted recovery.

Still, there is plenty of reason to be hopeful for the XRP price in the medium and long term, and not just because the next Bitcoin halving (due in April) could make the market more bullish.

There’s also the fact that Ripple will likely reach a full and final settlement with the SEC at some point this year.

This settlement will allow the cryptocurrency firm to completely move on from its long-running legal battle, and possibly hold its own initial public offering as well.

An IPO would be huge for XRP and could help it reach new heights.

Great rallies with new high-potential alts

However, the only thing with XRP is that it could be some time before the coin actually tests its previous highs as the market seems to be waiting for a full settlement.

Meanwhile, traders may prefer to consider alternatives, with the market currently offering a wide variety of promising new alts and presale tokens.

At the top of any list of promising new coins is Bitcoin Minetrix (BTCMTX)‘a Ethereum-based play-to-mine platform that raised just over $8.8 million in its presale.

#BitcoinMinetrix reaches another milestone, raising over $8,800,000! 🚀 pic.twitter.com/eHGCvK020O

— Bitcoinminetrix (@bitcoinminetrix) January 19, 2024

As a play-to-mine platform, Bitcoin Minetrix allows users to mine BTC simply by staking the platform’s native token, BTCMTX.

It’s as simple as that, with those holding BTCMTX receiving signed mining credits in return, which they can then use to pay for Bitcoin mining.

By doing this, they get a share of freshly mined BTC, while stakeholders will also receive a steady income from new BTCMTX.

Taken with Bitcoin Minetrix’s user-friendly platform and interface, such rewards seem to make it a huge success in the coming months, at least judging by its successful sale.

Although the offer will end soon, investors can still join it by checking the official Bitcoin Minetrix website, where 1 BTCMTX costs $0.0129.

It will rise to $0.0130 in a few days, while it could go much higher once the coins appear on trading platforms in the next few weeks.

Visit Bitcoin Minetrix now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and is not investment advice. You can lose all your capital.