Originally published on: December 05, 2024
The cryptocurrency market has been hit with a wave of corrections as XRP’s price tumbles 13% to $2.30 while Bitcoin surpasses $100,000. XRP’s value had previously peaked at $2.90 before experiencing a 25% decline in a multi-year high.
XRP’s market capitalization also saw an 8% decrease to $133 billion, falling below Tether USD (USDt) in rank. This sell-off comes after XRP outperformed Bitcoin with a 354% increase compared to BTC’s 45.5% uptick between November and December.
Despite XRP’s dip, Bitcoin reached an all-time high of around $104,000. A significant amount of long XRP positions were liquidated on December 5, indicating downward pressure on price.
As XRP’s technical analysis shows a bull flag pattern forming, there is potential for a price target of $4.83, a new all-time high. However, a retreat from $2.37 could lead to a pullback testing support levels at $2.05 and $1.68.
It’s important to note that this article does not offer investment advice. Every decision to invest or trade in cryptocurrencies carries risks, so it’s crucial for readers to conduct their own research. Stay informed by subscribing to our Markets Outlook newsletter for more insights and opportunities in the market.