The cryptocurrency market is facing a significant downturn this week after the Federal Reserve’s firm stance on 2025 monetary policy and inflation concerns. XRP has suffered an 8.4% decline in the past 24 hours, mirroring the broader market struggles.
XRP Shows Signs of Recovery
Despite the initial panic, market sentiment has started stabilizing as the U.S. trading session progresses. XRP’s price has temporarily rebounded after reaching a critical horizontal support level.
In 2024, XRP has delivered exceptional performance, with gains of 252.6% since the year began. A favorable court ruling in its ongoing legal battle with the United States Securities and Exchange Commission (SEC) has been a key driver of these gains. Furthermore, Donald Trump’s victory in the November presidential election boosted XRP, as the incoming administration’s pro-blockchain stance aligns with Ripple’s objectives.
Ripple’s Strategic Position in U.S. Blockchain Policies
Ripple, a U.S.-based blockchain company, is well-positioned to benefit from the new administration’s pro-crypto policies and supportive lawmakers entering Congress. This political support could speed up the approval of a comprehensive legal framework for the cryptocurrency industry.
Adding to the momentum, Ripple CEO Brad Garlinghouse announced on December 10, 2024, that the New York Department of Financial Services (NYDFS) had approved the company’s new stablecoin, RLUSD. This milestone is expected to significantly enhance Ripple’s network activity and mark the start of a transformative phase for its blockchain ecosystem.
XRP Rebounds During U.S. Trading Hours
Today’s price action for XRP underscored its resilience. The cryptocurrency touched a key support level at $1.95 before buyers stepped in, pushing the price back above $2 by the close of the U.S. session. However, the breach of trendline support indicates a potential shift in price direction.
Currently, the Relative Strength Index (RSI) shows a neutral position near the 50 level, signaling balanced momentum. If XRP faces another substantial drop, the next support level at $1.50 could come into play.
Analyst Predicts XRP to Reach $3
Prominent crypto analyst “XRP Whale” predicted on social media platform X that XRP’s price might hit $3 within 72 hours. The analyst attributed this forecast to RLUSD’s approval, which they consider a pivotal development for the project. This prediction has sparked optimism among XRP enthusiasts, fueling hopes for further gains.
Broader Market Performance
Like XRP, other cryptocurrencies have shown recovery signs following sharp declines earlier in the day. Solana (SOL) recorded a modest 1.9% loss after an 18% drop, while Dogecoin (DOGE) trimmed its losses to 0.9% after an earlier 20% decline.
Wall Street Pepe Defies Market Volatility
Defying the market downturn, Wall Street Pepe ($WEPE) has attracted over $33 million during its presale. Inspired by the popular Pepe-the-frog meme, $WEPE seeks to disrupt the crypto market by empowering small investors and reducing the dominance of large market participants.
Priced at $0.0003651 during its presale, $WEPE has gained a dedicated following called the WEPE army, committed to holding their tokens. With the presale ending in 17 hours, early investors are optimistic about substantial returns once the token is listed on decentralized exchanges (DEXs).
Investment Opportunities in Emerging Tokens
The success of $WEPE mirrors that of its predecessor, Pepe Unchained ($PEPU), which delivered triple-digit returns to early investors. As $WEPE gears up for its exchange debut, market participants are eager to capitalize on its potential.
Buyers can acquire $WEPE via its official website using ETH, USDT, or traditional bank cards. Those without a wallet can use Best Wallet to track and manage trending market assets efficiently.
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