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Simon Chandler
Author
Simon Chandler
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The XRP price has dropped by 4.5% in the past 24 hours, with its fall to $0.6003 coming as the crypto market loses 5% today.
XRP remains up by 2% in a week and by 9% in a month, with the alt also holding on to a 15% increase in a year.
However, it seems that the market is correcting after the period of growth that followed the Fed’s rate cuts last month, with buyers also spooked by escalation in the Middle East.
Yet after this correction plays out, the XRP price is still on course to make a comeback, enjoying a solid end to the year.
Can XRP’s Surge Make Millionaires in 2024? XRP Price Analysis
The positives to take from today is that XRP’s indicators suggest it should correct upwards very soon.
Its 30-period moving average (orange) has just dropped below its 200-period average (orange), signalling a period of negativity.
Yet such a ‘death cross’ is a prelude to XRP’s fall bottoming out, with the resulting discount likely to entice buyers back to its market.
We something similar with XRP’s relative strength index (purple), which dropped to an oversold 30 this morning and is still struggling to make it back towards 50.
The longer this goes the more likely it is that the XRP price stages a recovery, with its 24-hour trading volume remaining high at $3 billion.
Such a volume should be taken as encouragement, insofar as it suggests ongoing demand for XRP.
And while whales are currently more likely to offload XRP right now than buy it, the available signs suggest that a turnaround won’t be too far away.
A combination of corrective profit-taking and Middle East-related fears are dragging down prices today, with traditional stock markets also down.
Given the loose correlation between crypto and equities, it’s no surprise that XRP and the vast majority of other cryptos are struggling today.
Nonetheless, the bigger picture continues to look positive for the XRP price, with the market looking as though it had been heading for an end-of-year bull run prior to yesterday’s unfortunate geopolitical news.
And more fundamentally, Ripple had been signing a number of partnerships in the weeks following its $125 million settlement with the SEC, strengthening XRP’s underlying position.
Based on this, the XRP price could mount a climb towards $0.70 by November, and reach $1 by the end of the year.
Diversification with New High-Potential Altcoins
XRP holders should also probably consider other alts, given that XRP has a tendency to rise steadily over longer periods of time.
One possibility to consider involves presale coins, which in the best cases can rally exponentially when they first on exchanges.
To take one of the more interesting examples, Flockerz (FLOCK) is a new ERC-20 token that has raised over $300,000 since launching its sale a few weeks ago.
What’s attracting investors to Flockerz is that it’s the first token in the market to include a vote-to-earn protocol, which rewards holders for voting on governance proposals.
Every major decision concerning its development will be go to its community, with the most active participants receiving the most rewards.
Holders of FLOCK will also be able to stake the token, earning themselves a regular passive income, in addition to voting rewards.
Given this combination, Flockerz is likely to be a very popular coin.
It will have a max supply of 12 billion FLOCK, with 20% of this going to the sale, 25% to staking, and another 25% to governance rewards.
Investors can join FLOCK’s presale by going to its official website, where they buy the coin at a price of $0.0056785.
The presale will have 50 stages, so the coin still has plenty of price rises left in store before it rises.
This is why investors should act, to lock in the biggest possible gains.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
