The XRP (XRP) price is trying to make a comeback as more than $1 billion in 24-hour trading volumes flood in. Near-term price predictions could become much more bullish if the crypto can push to the north of its 21DMA and a key long-term uptrend.
24-hour trading volumes were last at $1.32 billion, the highest in three days.
XRP was last trading just under $0.55 and eyeing a test of its 21DMA at $0.5530. If it can break above this level, a retest of 2023 into 2024 uptrend in the $0.57 area.
Around this area, many XRP bears will potentially be looking to add to short positions. After all, XRP’s break below its long-term uptrend was a very bearish sign.
That could mean elevated sell pressure and any recovery back toward $0.57 could be short-lived.
But if XRP can rally back above this long-term uptrend, that would suggest the latest dip was a fake-out.
A rally toward the late 2023 and early 2024 double top around $0.75 would be on the cards.
Given that the broader cryptocurrency market could be shaping up for a rally post-halving, the possibility of XRP upside shouldn’t be dismissed.
Macro headwinds appear to have abated before the release of US Core PCE inflation on Friday. And Bitcoin (BTC) is looking perky after the halving, having pushed back above $66,000.
BREAKING: #bitcoin has reclaimed $66,000
— wallstreetbets (@wallstreetbets) April 22, 2024
XRP Price Prediction – Is XRP Making a Comeback?
XRP bulls will be hoping that the latest XRP price upside marks the start of a comeback for the cryptocurrency.
Indeed, XRP has been sluggish in recent months. While Bitcoin and Ether (ETH) went up 56% and 40% in the past 90 days, XRP dropped 12% in the same timeframe.
Some potential fundamental tailwinds could soon come in to help XRP close this gap.
Firstly, Ripple recently announced plans to launch its own USD stablecoin. The hype surrounding this stablecoin could help pump optimism in XRP.
Secondly, the SEC vs Ripple lawsuit could soon come to a close. The SEC has asked for a $2 billion fine for the company that they claimed issued XRP as a security. That should ease concerns about XRP’s regulatory outlook in the US.
XRP’s underperformance in recent months versus other major cryptocurrencies suggests it could be trading at a cheap valuation.
Indeed, the XRP price could easily double back towards $1.0 this bull market. That would take its market cap from around $30 billion to nearly $60 billion.
XRP investors should be cautious, however. XRP’s lack of innovative use cases beyond Ripple’s business operations and lack of decentralization suggests it may struggle to keep pace with Bitcoin, Ethereum, and Solana in the long run.
The XRP/BTC exchange rate could soon break below its 2021 lows and continue falling to zero.
XRP Alternative to Consider – Megadice
Crypto investors looking for investments with greater upside potential should look into presale investing.
Web3 projects and protocols often sell their native tokens at an early bird discount to raise funds for development.
If they can find a good project that gains traction in the market, presale investors can book gains of as much as 10x or more.
One such project that analysts at Cryptonews are a big fan of is Mega Dice Casino.
This already well-established crypto casino has launched a presale of its utility token DICE.
DICE holders get big cashback benefits on their wagers and can also generate passive income via DICE staking.
The crypto casino is also running a series of exciting airdrops to reward early presale investors.
Join the $DICE airdrop and earn your share of the $750,000 airdrop
To stand a chance, wager $5000 or more between 12.04.24 to 03.05.24 – with a maximum airdrop of $37 500 per player!
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How to qualify & FAQs
pic.twitter.com/Qv8GaxuayC
— Mega Dice Casino (@megadice) April 22, 2024
The project is already close to having raised $500,000. And potential investors better move quickly, as when the $1 million milestone is hit, the DICE price will rise.
Check Out Mega Dice Casino’s Presale
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