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As XRP prices fall 10%, what about 2024 predictions

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Fund flows into XRP investment products doubled between 2022 and 2023. Can we expect the same in 2024?

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  • XRP plunged by 10% in the last 24 hours.
  • However, XRP proponents believe price could swing upward soon.

Like other top cryptocurrencies, the price of XRP, the native token of blockchain payment firm Ripple, significantly decreased on the 3rd of January. At press time, AMBCrypto observed that the value of XRP had decreased by 10.02% in the last 24 hours.

XRP’s price as of this writing was $0.57. This decline indicated that the selling pressure was enough to breach the $0.60 psychological support.

Despite the harsh start to the year, a recent report by CoinShares showed that the token did well in 2023 in terms of capital allocated to Exchange-Traded Products (ETPs)

XRP in 2023

CoinShares is a leading digital-asset investment firm. Every week, it reports about the fund flows crypto investment products get.

According to the annual report published on the 3rd of January, CoinShares noted that the XRP inflows jumped from the previous year.

In 2022, the total fund flow linked to the token was worth $9 million. But in 2023, the value doubled to $18 million.

XRP fund flows between 2022 and 2023 as shown by CoinShares

Source: CoinShares

The notable influx was a sign of investors’ belief that XRP had become a promising asset again. Though the inflows were slow at the beginning of the year, Ripple’s partial win over the SEC propelled a surge in the fund flows.

As a result of the judgment, the price of the token crossed $0.90. This surge was also instrumental to the 68.94% experienced all through 2023.

Despite the impressive performance last year, it seems that 2024 might be a little challenging considering what has happened in the first week.

Now is not the end for XRP army

However, members of the popular XRP Army believe that the cryptocurrency potential remains a bullish one. For example, Egrag Crypto, a trader and XRP holder, shared details of his analysis with the community.

According to him, the technical setup showed that the token could move as high as $1.80 at one point.

In another post, Egrag mentioned that XRP’s price could swing upward soon. He also noted that a retest of $0.55 could be the catalyst the cryptocurrency needs to reverse northward.

Price-wise, the 4-hour XRP/USD chart showed that the cryptocurrency was oversold. At press time, the Relative Strength Index (RSI) was 31.90, suggesting a bearish momentum. However, being oversold is not entirely a bad thing for XRP.

This is because sellers might become exhausted, and if bulls capitalize on the movement, the price may recover.

Furthermore, the volatility around the token increased, as the Bollinger Bands (BB) indicated. The BB also confirmed the RSI overbought signal since the lower band touched the token’s price.

XRP price analysis

Source: TradingView


How much are 1,10,100 XRPs worth today?


For now, XRP might find it hard to recover to the $0.60 region. A price jump still remains an option for the cryptocurrency.

However, the current market sentiment showed that the revival might not be quick.

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Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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