{"id":25990,"date":"2024-12-05T12:27:57","date_gmt":"2024-12-05T12:27:57","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=25990"},"modified":"2024-12-05T12:27:57","modified_gmt":"2024-12-05T12:27:57","slug":"ripple-xrp-price-tanks-17-in-2-days-is-the-top-in-for-this-cycle","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=25990","title":{"rendered":"Ripple (XRP) Price Tanks 17% in 2 Days: Is the Top in For This Cycle?"},"content":{"rendered":"

TL:DR;<\/strong><\/p>\n

XRP was the top performer for weeks after Gensler\u2019s announcement about his SEC departure but has calmed and retraced hard in the past few days.
\nAs such, many analysts have cautioned that the asset might have already topped out during this cycle and warned traders to be wary about longing it.<\/p>\n

<\/a><\/p>\n

XRP\u2019s Rally and Stagnation<\/h2>\n

The so-called \u2018Trump Pump\u2019 pushed the entire crypto market north. Even though XRP was slightly sluggish at first, it eventually joined the pack and outperformed it on several occasions. On a monthly scale, Ripple\u2019s native token exploded by over 420% at one point, surging to nearly $3.<\/p>\n

This multi-year high came earlier this week, helping XRP surpass SOL, BNB, and USDT to become the third-largest cryptocurrency<\/a> by market cap.<\/p>\n

However, this is where things started to go sour. Much of XRP\u2019s volume and demand had come<\/a> from a massive demand from South Korea before the country\u2019s political leaders suddenly announced a brief implementation of martial law.<\/p>\n

Although the entire crypto market slumped after the news broke, XRP was harmed the most and failed to recover in the following days, unlike BTC and many other alts. The cross-border token lost its third spot in the charts to Tether and has underperformed<\/a> in the past 24 hours, even though Trump named<\/a> a pro-crypto SEC Chair to replace<\/a> Ripple\u2019s nemesis, Gary Gensler.<\/p>\n

Brad Garlinghouse, Ripple\u2019s chief executive, was quick to praise Paul Atkins as the right choice for SEC leadership, as he will \u201cbring common sense back to the agency.\u201d<\/p>\n

An outstanding choice \u2013 Paul Atkins at the helm of the SEC will bring common sense back to the agency. Along with Hester Peirce and Mark Uyeda, it\u2019s time to swiftly and definitively end the prohibition era on crypto, restoring freedom of choice, economic growth, and innovation. https:\/\/t.co\/w8Rqrnubyj<\/a><\/p>\n

\u2014 Brad Garlinghouse (@bgarlinghouse) December 4, 2024<\/a><\/p>\n\n

Topped Out?<\/h2>\n

With XRP\u2019s price correcting by nearly 20% since its local peak this week, many analysts have warned that the asset might have already topped out during this cycle. Crypto\u2019s Batman indicated that the token was rejected at its 5-year bearish trendline and cautioned leveraged traders to be wary before opening long positions.<\/p>\n

$XRP<\/a> might be topping out, facing rejection at its 5-year bearish trendline. Although in this market you never know. Be cautious with any longs. pic.twitter.com\/45TkecbyFl<\/a><\/p>\n

\u2014 BATMAN (@CryptosBatman) December 5, 2024<\/a><\/p>\n\n

Nebraskangooner also shared a similar statement but based his views on a recent tweet by Ripple\u2019s CEO, which the analyst jokingly said might have predicted the top.<\/p>\n

Brad with the well-timed local top tweet on $XRP<\/a> pic.twitter.com\/zdt7aRRTEw<\/a><\/p>\n

\u2014 Nebraskangooner (@Nebraskangooner) December 5, 2024<\/a><\/p>\n\n

The post Ripple (XRP) Price Tanks 17% in 2 Days: Is the Top in For This Cycle?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL:DR; XRP was the top performer for weeks after Gensler\u2019s announcement about his SEC departure but has calmed and retraced hard in the past few days. As such, many analysts have cautioned that the asset might have already topped out during this cycle and warned traders to be wary about longing it. XRP\u2019s Rally and […]<\/p>\n","protected":false},"author":0,"featured_media":25991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25990"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25990"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25990\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/25991"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}