XRP might have started the year on a bearish note, but expanded on-chain data shows it is one of the best-performing mega-cap altcoins in the market.
XRP has a gloomy outlook as its price and market capitalization are down 2.24% in the past 24 hours to $0.5489 and $29,827,674,649, respectively.
While there is a 21.6% growth in its trading volume to $1,113,770,780 at the time of writing, this does not translate to a price surge, as XRP’s 7-day growth has slumped by 8.29%, according to CoinMarketCap.
Though the general crypto market has not recorded an impressive performance since the start of the year, XRP has recorded a relatively steeper bearish trend that has seen its price fall 11.99% Year-to-Date.
Vindicating XRP
As observed from chatter within the XRP ecosystem, there has been a lot of backlash on the coin, especially for the slower rate of growth compared to its peers.
Joining other proponents like Ripple CTO David Schwartz, that have rejected a series of XRP price suppression theories, market analyst and YouTuber DustyBC Crypto (@TheDustyBC) said on X that the hate on XRP may continue, but it does not negate the fact that the coin has been in an uptrend for over a year.
You can hate on $XRP all you want, but it’s been in an uptrend for over a year straight pic.twitter.com/mQFNrV3pqJ
— DustyBC Crypto (@TheDustyBC) January 19, 2024
In crypto analysis, time perception matters a lot. Analyzing a coin on shorter time frames might produce a different outlook than on longer ones.
The chart presented by DustyBC Crypto, as seen above, shows a predominant uptrend since at least July 2023. XRP’s growth is also visibly interspersed with steep corrections to account for occasional bearish setbacks.
While XRP has not breached the $1 resistance point since at least November 2021, it has grown by 42.09% over the past year.
XRP Price Forecast
Despite the gloomy price outlook, there are projections that XRP can recover its losses and chart a more sustainable bullish course to hit new highs.
One of the predictions came from OpenAI’s ChatGPT, which noted that XRP could grow to $3.5 to $4 in the long term, riding on the hype around the newly approved spot Bitcoin ETFs.
Besides AI algorithms, top market analyst Dark Defender is optimistic that XRP can touch $5.85 in the long term.