$1,000 in XRP Now Could Be a Game Changer for 2024: Analysis
The price of XRP has dipped by 3% in the past 24 hours, sliding to $0.5344 as the crypto market suffers a significant 3.5% fall today.
The altcoin is now down by 5% in a week and by 11% in a fortnight, yet it holds on to a 4% gain in a month and a 6.5% increase in the past year.
Such percentages aren’t particularly impressive in relation to many other major tokens, yet they also suggest that the market continues to undervalue XRP, and that it could therefore be in for big gains in the medium- and long-term.
Indeed, if an investor were to invest $1,000 in the alt now, its rising from $0.5344 to $1 in the New Year could see that initial investment turn into $1,870.
As with most other coins, XRP’s indicators continue to look weak.
Its RSI (purple) has dropped to 30 today, a highly oversold position which ordinarily means a rebound is coming.
We can also see XRP’s current price falling below its 200-period (blue) and 30-period (orange) moving averages, another sign of heavy overselling.
The main issue with XRP is that it’s suffering from a lack of sustained demand, as is the market in general.
A clear sign of this comes from data for the major Bitcoin ETFs, which saw $211 million in net outflows yesterday and also $287 million on Wednesday.
Good morning,
Yesterdays Bitcoin ETF flows were negative for another $211.1 million.
Fidelity had $149.5 million of outflows, Bitwise $30 million and GBTC $23.2 million.
Price dropped further from $58k to $56k.
Source: @FarsideUK pic.twitter.com/q8Sq5HDKmk
This is significant for XRP (and other alts) insofar as it shows an exodus of demand and interest from the cryptocurrency market, with prices seeing a steady decline over the past few weeks as new buyers fail to arrive to replace sellers.
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