XRP might have started the year on a bearish note, but expanded on-chain data shows it is one of the best-performing mega-cap altcoins in the market.
XRP has a gloomy outlook as its price and market capitalization are down 2.24% in the past 24 hours to $0.5489 and $29,827,674,649, respectively.
While there is a 21.6% growth in its trading volume to $1,113,770,780 at the time of writing, this does not translate to a price surge, as XRP’s 7-day growth has slumped by 8.29%, according to CoinMarketCap.
Though the general crypto market has not recorded an impressive performance since the start of the year, XRP has recorded a relatively steeper bearish trend that has seen its price fall 11.99% Year-to-Date.
Vindicating XRP
As observed from chatter within the XRP ecosystem, there has been a lot of backlash on the coin, especially for the slower rate of growth compared to its peers.
Joining other proponents like Ripple CTO David Schwartz, that have rejected a series of XRP price suppression theories, market analyst and YouTuber DustyBC Crypto (@TheDustyBC) said on X that the hate on XRP may continue, but it does not negate the fact that the coin has been in an uptrend for over a year.
You can hate on $XRP all you want, but it's been in an uptrend for over a year straight pic.twitter.com/mQFNrV3pqJ
— DustyBC Crypto (@TheDustyBC) January 19, 2024
In crypto analysis, time perception matters a lot. Analyzing a coin on shorter time frames might produce a different outlook than on longer ones.
The chart presented by DustyBC Crypto, as seen above, shows a predominant uptrend since at least July 2023. XRP’s growth is also visibly interspersed with steep corrections to account for occasional bearish setbacks.
While XRP has not breached the $1 resistance point since at least November 2021, it has grown by 42.09% over the past year.
XRP Price Forecast
Despite the gloomy price outlook, there are projections that XRP can recover its losses and chart a more sustainable bullish course to hit new highs.
One of the predictions came from OpenAI’s ChatGPT, which noted that XRP could grow to $3.5 to $4 in the long term, riding on the hype around the newly approved spot Bitcoin ETFs.
Besides AI algorithms, top market analyst Dark Defender is optimistic that XRP can touch $5.85 in the long term.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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