Popular trading mentor Jacob Canfield commends XRP’s resilience during the latest crypto crash.
The crypto market has recently witnessed one of its major sell-offs, wreaking havoc on the prices of top assets, especially altcoins. XRP was not spared in the latest downturn, as the asset gave up its third position to Tether (USDT).
Canfield Commends XRP Resilience
Despite plunging below the $2 mark yesterday, XRP rebounded nicely and currently hovers above $2.3. Interestingly, Canfield took to X to express admiration for the token’s resilience during the latest market bloodbath.
“I am very impressed with how well $XRP has held up,” Canfield remarked in an X post yesterday.
The trading mentor noted that he expected the price of XRP to remain below $2 while showing signs of ‘distribution vibes’, where large holders get to liquidate their position in the asset.
However, he was surprised to see XRP trading above $2.3, characterizing this feat as ‘remarkable.’ Given XRP’s resilience in the latest market downturn, Canfield emphasized that XRP is ‘worth monitoring.’
XRP Showcases Strong Resilience Amid Downturn
XRP’s recent performance has continued to stun many investors. Last week, CNBC described XRP as the biggest winner in the Donald Trump-led crypto rally, emphasizing that the coin spiked by 370% compared to the 93% gain witnessed across the broader crypto market.
Specifically, the price of XRP soared from around $0.5 in early November to $2.86 on December 3. However, this was followed by a significant downturn, which plunged the price to $1.90 on December 10. Interestingly, XRP rebounded from this level, soaring to $2.71 a week later, thanks to the launch of Ripple RLUSD stablecoin.
The rally was short-lived as XRP suffered another major plunge due to Bitcoin’s rollercoaster movement. This time, it dipped below the $2 mark yesterday, plunging to an intraday low of $1.97. Like last week, XRP bounced nicely yesterday, soaring above $2.3 a few hours later.
XRP to Resume Uptrend Soon
Commenting on the development, popular crypto analyst Charting Guy noted that XRP’s latest price movement aligns with a similar pattern from 2017.
According to Charting Guy, yesterday’s low might mark the end of the recent downtrend before XRP resumes its uptrend by next weekend, potentially reaching a new all-time high (ATH) by January.
what a bounce for $XRP off the lows today, right at the key level i said ✅📈
if we are truly following 2017 then TODAY was the low. we likely chop another week then continue the uptrend next weekend, hitting new all time highs in January 👀 https://t.co/gnQ0Tgdfcc pic.twitter.com/4WQT7xTtpJ
— Charting Guy (@ChartingGuy) December 20, 2024
It bears mentioning that the previous all-time of $3.84 was registered on January 4, 2018.
Whales Accumulate 80M XRP Amid Dip
According to Ali Martinez, crypto whales, especially those holding between 1 million and 10 million XRP, took advantage of the recent dip to increase their XRP holdings.
In particular, these investors accumulated 80 million XRP since the correction began on December 17. At the current price of $2.35, these 80 million XRP coins are worth $188 million.
Whales bought 80 million $XRP since the price correction began on December 17! pic.twitter.com/nakUKEIzYC
— Ali (@ali_charts) December 20, 2024
Currently, XRP is up 2.06% over the past 24 hours but down 5.73% in the past week.
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