Ripple (XRP) has maintained a steady downward movement since January 1, 2024. The number 6 most valuable crypto token is under strong bearish sentiment. This may be related to the high volatility in the general crypto market.
However, there’s still hope for the coin to reverse in the coming weeks, seeing that more ETF listings and the halving event are around the corner.
Ripple ($XRP) Decline: Keiser’s Expression Confirmed
Keiser, who often questions the authenticity of cryptocurrencies like Solana (SOL), has consistently expressed doubts about them in the past. Recently, he shared his skepticism again, this time targeting XRP.
In a tweet he made on January 19, 2024, Keiser described XRP as “centralized garbage.”
The analyst claimed that XRP will likely drop to $0.01 soon. Further, the analyst emphasized its ongoing legítimo battle with the SEC.
Centralized garbage going to $0.01 pic.twitter.com/mDQ0PPBgWi
— Max Keiser (@maxkeiser) January 19, 2024
In his former X posts, Keiser called altcoins like ADA, XRP, and SOL scams, alleging that their creators are dishonest. He classified these coins as Securities. Surprisingly, Keiser’s most recent criticism on January 23 was a “crash update” on XRP.
In this recent tweet, he called XRP centralized garbage.
Keiser added that XRP is
mathematically guaranteed to trade at virtual zero against Bitcoin.
BY CONTRAST: Bitcoin is Perfect Money, perfectly decentralized, sent by God to unfuck our money. pic.twitter.com/SLefwIcYY1
— Max Keiser (@maxkeiser) January 23, 2024
Around the same time as Keiser’s remarks, the value of XRP went down more than 4%. Since Keiser made this post, XRP has been on a bearish trend. However, despite the negative sentiment present, prominent analyst EGRAG remains unfazed.
Based on his post on the X platform, he seems to be bullish on XRP. EGRAG expressed that XRP has the potential to rally 500% once this correction is over. The analyst predicted this based on past patterns and technical analysis.
#XRP 500% First Move 🚀🚀🚀🚀🚀🚀🚀🚀:
Check the inverted chart from December 15th, 2023.
Remember #XRP enjoys toying with everyone’s emotions before a mega pump.
— EGRAG CRYPTO (@egragcrypto) January 6, 2024
Based on the XRP chart, it climbed last year to around $0.7. EGRAG made his prediction with an inverted chart, playfully giving it a funny name. He warned of possible correction for XRP before the surge.
The present XRP chart displays what EGRAG predicted would happen. But on the good side, XRP has met this downward pressure before.
Back in December 2020, June 2022, and January 2023, XRP dipped to this current region. However, it bounced back each time. Therefore, EGRAG believes history can repeat itself as XRP undergoes this last correction.
Despite recent setbacks, XRP has seen a slight recovery and is now trading at $0.5088. However, in the last 24 hours, XRP faced a 1.5% drop.
This has caused many traders’ XRP positions to be automatically liquidated.
Ripple Price Analysis: XRP Faces Downside Risks Below Key Support Levels
Currently, XRP shows a bearish trend, trading below both its 200-day and 50-day simple moving averages. Remaining under these key averages indicates sustained downward momentum and selling pressure in the market.
XRP now heads toward nearby support around $0.43. Dropping to this level would mark over a 14% decline from the current price.
Further breakdowns below $0.43 risk fueling additional bearish sentiment. However, some traders may try taking advantage if prices become deeply oversold near $0.43, hoping for a reversal higher.
If XRP bounces upwards off that support, buyers will want to sustain the rebound to protect their investment.
Initial upside resistance to watch is around $0.79 if bulls can spark an XRP relief rally from oversold conditions. However, to confirm a real change in direction, XRP faces more obstacles to overcome after this first resistance.
Unfortunately, the MACD indicator for XRP remains negative, still below its signal line. This reflects bearish momentum exceeding bullish signals in the market currently.
In summary, XRP’s technical positioning remains weak and tilted towards further downside until signs of a bullish turnaround emerge. Dropping below $0.43 support poses substantial risks if buyers fail to appear.
While XRP struggles, investors have another opportunity in Sponge V2 to buy cheaply and reposition for possible gains following a surge.
Ripple Alternative: Sponge V2 Looks to Build on Original Meme Coin’s Success
The crypto project Sponge V2 emerged to improve on what its predecessor Sponge (SPONGE) failed to do in 2023. The original Sponge spiked in market value following its launch, filling the pockets of its early investors with profits.
Sponge V2 aims to keep the momentum going and make the coin even more compelling.
Upgrades include staking rewards that let holders earn passive income on their investments. A play-to-earn gaming component is also being added. This gaming component will allow users to win more tokens and climb leaderboards by playing games.
Features like staking and play-to-earn make Sponge V2 more rewarding and fun to own compared to the original. Plus, this extra utility helps strengthen community engagement and loyalty.
By enhancing the core coin with new capabilities, Sponge V2 hopes to be an even bigger success, building on the original’s meteoric rise last year.
The added activities incentivize participation while improving long-term prospects.
Sponge V2 Presents Another Opportunity for Early Adopters
The new token Sponge V2 is currently in its presale stage. The price is affordable right now at just $0.000670.
10 exchanges not enough? 😉#SpongeV2 will be listed on BIGGER AND BETTER exchanges! 🔥
— $SPONGE (@spongeoneth) January 23, 2024
Further, early investors can gain stakes in rewards that add credibility before the launch. Sponge V2 expects significant growth based on past presale success. There are 150 billion tokens allocated for play-to-earn gaming, marketing, staking, liquidity, and more.
With these unique features, Sponge V2 aims to surpass other popular meme coins in the market. To be part of it, visit the official page and buy the presale token with ETH, USDT, or Card. The key opportunity is getting in early before exchanges list Sponge V2 later this year.
Buying now with the low presale price provides upside potential if the project takes off.