Despite this recent decline, market observers are pointing to signs of a possible bullish divergence, fueling optimism for XRP’s near-term price performance as the year ends.
XRP, the cryptocurrency linked to blockchain company Ripple, has lost more than 6% in the last 24 hours, making it one of the worst performers in the top 10.
Price movements and bullish divergence
Data from 100 Eyes Crypto Scanner suggests that the XRP/USDT pair has formed a bullish divergence on the hourly chart. This pattern often occurs when the Relative Strength Index (RSI) rises despite a falling price, suggesting that bearish momentum may be weakening. Nevertheless, analysts caution against viewing this technical signal in the context of other indicators.
Source: X
The major cryptocurrencies also recorded overall losses due to weak post-Christmas trading. Cardano (ADA) is down 5.9%, Dogecoin (DOGE) is down 5.7% and Bitcoin (BTC), which neared $100,000 during the holidays, fell amid year-end portfolio rebalancing by 3%.
Ripple’s legal saga is entering a critical phase
Meanwhile, the protracted legal battle between Ripple and the US Securities and Exchange Commission (SEC) continues, with key deadlines in early 2025. The US Court of Appeals for the Second Circuit has set January 15, 2025 for the SEC to file its opening statement briefly in the appeal. This follows Judge Analisa Torres’ 2023 ruling that XRP itself was not a security, a significant victory for Ripple.
Stuart Alderoty, Ripple’s chief legal officer, asserts that the current appeal does not call into question the fundamental question of whether XRP should be classified as a security. The company claims that XRP…
