As Bitcoin’s (BTC) price dropped below $40k in the past 24 hours for the first time since the beginning of 2024, Ripple Labs-backed XRP continued to showcase short-term weaknesses. According to the latest crypto market data, the XRP price slipped nearly 3 percent in the past 24 hours, leading to trading around 52 cents on Tuesday.
XRP enjoys robust support from institutional investors and retail traders due to its intrinsic value as a cross-border currency. Nonetheless, XRP faces immense headwinds as emerging crypto projects focus on cross-border payments and are not on the U.S. SEC’s radar.
XRP Whales on Selling Spree
The past few days have been a bee hive of activity for the XRP whales amid heightened crypto bearish sentiments triggered by the approval of spot Bitcoin ETFs in the United States. With more than $77 million worth of XRP deposited in centralized exchanges, the possibilities of further price drop are undeniably high.
Captain Faibik on XRP Price Action
Having consolidated in a triangular pattern since hitting its all-time high in 2018, the XRP price is fast approaching the apex that leads to an inevitable breakout. According to a popular crypto analyst, Captain Faibik, on the X platform, the XRP price will find a solid support level of around 48 cents before a rebound toward $2 during the second quarter of 2024.
The bullish breakout in the second quarter is more likely to happen if the upcoming trial on the SEC vs. Ripple ends in favor of the blockchain payment company.
