Throughout the first few weeks of the year, digital assets have not boasted positive performances. Chief among those is Ripple (XRP) which is facing a fall of 10% in January so far. With a bearish outlook dominating sentiment, could a turnaround be soon for the cryptocurrency?
At the start of 2024, the optimist for the performance of the asset was at an all-time high. The US Securities and Exchange Commission (SEC) was set to approve the creation of 11 Spot Bitcoin ETFs. However, with more than a week since that approval, it has not yet had the reaction many had hoped. Subsequently, a host of other digital assets have not been able to benefit from such an increase.
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Ripple (XRP) Bearish Outlook Coming to an End?
Although we are just a few weeks into the new year, the digital asset market has not been off to the greatest start. Indeed, across the board, the market has not lived up to expectations that were set as 2023 was coming to a close. Moreover, one of the most affected by the outcome has struggled mightily throughout the year thus far.
Thus far, Ripple (XRP) has fallen more than 10% throughout January. Currently, the asset is trading at $0.53 and down more than 2% over the last 24 hours, according to CoinMarketCap. Additionally, that development is amid a key support level for the asset at $0.55, which it is not yet proving to conquer.
The current level is the lowest since the asset broke out of a descending triangle pattern in early January. Then, the asset fell to a price of $0.5048, which was its lowest mark since October of 2023. Additionally, Santiment highlighted a key issue for Bitcoin (BTC), Ethereum (EHT), and Ripple (XRP).
Also Read: Ripple (XRP) Facing Fall to $0.34 Before Potential 500% Surge
Specifically, the market intelligence platform identified high-risk profit levels for the three digital assets. Although positive developments for Ripple’s legal situation and ETF news could propel it higher. Still, that is looking like a long shot currently.
However, crypto analyst EGRAG has predicted an impending Rippel surge of 800%. Indeed, he expected the asset to reverse course, and eventually reach the $5 level. Subsequently, EGRAG notes the expectation of a bull market that could extend for several months.
That prediction is connected to long-term market observation; going back nearly 10 years. However, many are pessimistic regarding that prediction considering the asset’s current state. Until it breaks free from its mid-term decline, there is little hope for a spark and subsequent turnaround to such a drastic degree.