Ripple's token, XRP, has seen a recovery after reaching a low of $0.5078 following the announcement of its new stablecoin. Despite this, XRP has underperformed compared to other cryptocurrencies, falling 6.3% this year. Ripple achieved milestones, including being fined $125 million in its SEC lawsuit and launching its stablecoin, RLUSD. Stablecoins are a profitable business model, as seen by Tether's earnings. Ripple also introduced the XRP Ledger as an alternative to Ethereum and Solana. XRP's token has gradually risen this month but is displaying bearish indicators, such as forming a bearish flag pattern and remaining below the 50-day moving average. A bearish breakout is expected, potentially reaching $0.5021.
- Content Editor ( crypto.news )
- 2024-10-21
Here’s why Ripple’s XRP is ripe for a bearish breakdown