Crypto prices are crashing this week following the Federal Reserve’s hawkish comments about its monetary policy actions for 2025 and inflation. XRP has been swept into the whirlwind as is experiencing an 8.4% loss in the past 24 hours.
However, the market’s early panic has been tampering as the U.S. session starts and the price XRP has temporarily bounced off an important horizontal support.
The performance of this cryptocurrency in 2024 has been remarkable, producing gains of 252.6% since the year started.
A positive court ruling in its case against the United States Securities and Exchange Commission (SEC) has been one of the most relevant tailwinds that has contributed to lifting its price.
Moreover, Donald Trump’s victory in the November presidential election also helped propel the value of Ripple (XRP) to new heights, primarily as the new administration has a supportive view of the blockchain space.
Being a U.S.-based blockchain company, Ripple stands to benefit from pro-crypto policies pushed forward not just by Trump but also by a large group of supportive lawmakers. They will soon make their way to Congressional seats and can expedite the approval of a widely awaited legal framework for the sector.
On December 10, the Chief Executive Officer of XRP announced that the company got approval to commercialize its new stablecoin RLUSD by the New York Department of Financial Services (NYDFS).
Once this new asset hits all major exchanges, it could result in a dramatic increase in network activity for Ripple and could mark the beginning of a new era for the blockchain.
XRP Recovers From Early Losses During American Session
Today’s price action was particularly interesting as the price bottomed at a key area of support at $1.95 per coin and then buyers showed up to scoop up the bargain.
As a result, the American session erased all of these early losses and ended up pushing the price above the $2 mark once again. That said, the trend line support has been broken now, which means that the price will likely follow a new path.
For now, the Relative Strength Index (RSI) has stepped off overbought territory and it is now nearing the 50 area – a middle ground that typically signals the direction of the trend. As long as the oscillator stays above that threshold, momentum is still on the positive side.
However, another significant push downwards like the one seen earlier today could result in a break of this key support and would send XRP to the $1.5 zone where the next horizontal support is found.
Meanwhile, the crypto analyst XRP whale predicted yesterday on his X account that the price of the asset will hit $3 within the next 72 hours. He attributed his enthusiastic forecast to the approval of RLUSD – which is considered by most XRP maximalists as a major milestone for this blockchain project.
Similar to XRP, other assets have recovered some of the territory they lost during the Asian session. Solana (SOL) is currently exhibiting a mild 1.9% loss after experiencing a sharp 18% decline earlier in the day while Dogecoin (DOGE) is also down just 0.9% just hours after posting a decline of around 20%.
This Meme Coin Keeps Raising Millions Despite the Market’s Heightened Volatility
Wall Street Pepe ($WEPE) has attracted over $33 million in capital from investors during its presale despite the latest weakness that tokens in this segment of the crypto market have been experiencing.
The success of its predecessor Pepe Unchained ($PEPU) appears to have paved the way for this new Pepe-the-frog-themed asset to attract this much money in addition to the bargain price of $0.0003651 at which the token is being offered.
$WEPE is a parody character of the ‘Wolf of Wall Street’ with a mission to change the status quo in the crypto world by taking power off the hands of deep-pocketed market whales. To achieve this, he is building an army of loyal fans – the WEPE army – who will HODL their tokens as if their lives depend on it.
The presale ends in just 17 hours and crypto gurus are sure that the success that this initial offering has already seen will spill over to the next stage of this project – which is its listing on decentralized exchanges (DEXs).
Early buyers of $PEPU managed to take home triple-digit returns from their presale investment and $WEPE has positioned itself favorably to deliver similar gains.
You can buy $WEPE before the presale ends by visiting the official website of Wall Street Pepe. You can either connect your wallet to convert ETH or USDT into $WEPE or use a bank card. In addition, if you don’t have a wallet now, Best Wallet offers the best features to keep track of the hottest offerings in the market right now.
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