The cryptocurrency market is witnessing a downturn, with Bitcoin dropping to its lowest level since the U.S. approved several Bitcoin ETFs. This decline contrasts sharply with last year’s 160% surge in BTC value, driven by optimism around these ETFs. BlackRock Inc.’s and Fidelity Investments’ Bitcoin ETFs have seen significant inflows, indicating growing investor interest.
If the Bitcoin (BTC) price falls below $40,000, it could impact the entire crypto market, including Ripple (XRP). The price movements of BTC often influence other cryptocurrencies, and a substantial drop could reduce investor confidence, potentially affecting the Ripple (XRP) value. However, the unique challenges and technological aspects of Ripple (XRP) mean its response to the fluctuations of Bitcoin (BTC) could vary based on multiple factors.
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Ripple (XRP) Faces Critical Market Challenges
Ripple (XRP) price has dropped by approximately 10% in January, primarily due to profit-booking by investors and a broader bearish sentiment in the cryptocurrency market. A key factor contributing to this decline is the formation of a bearish pattern, specifically a descending triangle, which was resolved on January 3 with the price dropping to its lowest level since October 19, 2023.
The Moving Average Convergence Divergence (MACD) indicator suggests that market conditions still favor the downside. If the sell-off continues, Ripple (XRP) could see a further decline, potentially reaching a bearish target of around $0.4971, a 19% drop from current levels.
Data from research firm Santiment indicates that Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are currently exhibiting historically high-risk profit levels. This suggests that holders are booking profits on recent rallies due to uncertainties in the market. However, there is still potential for recovery in Ripple (XRP) price, particularly with more exposure from ETFs and other positive news.
The recent approval of several spot Bitcoin ETFs in the United States had sparked hopes for other cryptocurrencies, including Ripple (XRP). However, BlackRock, the world’s largest asset manager, has reportedly stated that it has no plans to launch a spot XRP ETF. This news has contributed to the bearish sentiment in the Ripple (XRP) market.
Considering the current technical analysis, market sentiment, and the lack of prospects for an XRP ETF, Ripple (XRP) price is likely to face further challenges in the short term. The critical support levels around $0.5619 will play a significant role in determining its future price movement. If these levels hold, Ripple (XRP) might stabilize or potentially rebound. However, if the support is breached, a further decline is likely, with the possibility of falling to lower levels such as $0.3857.
Conclusion
The cryptocurrency market, particularly Bitcoin (BTC) and Ripple (XRP), is currently in a downturn. The recent drop of Bitcoin (BTC) to its lowest level since the approval of several ETFs marks a significant shift from last year’s optimistic surge. This decline in Bitcoin (BTC) could have a broader impact on the crypto market, including Ripple (XRP). The Ripple (XRP) price has already fallen by about 10% in January, influenced by bearish market sentiment and technical patterns indicating further potential declines. The lack of plans for a spot XRP ETF by major asset managers like BlackRock adds to the bearish outlook for Ripple (XRP). The future of Ripple (XRP) price hinges on critical support levels; if these hold, there might be a chance for stabilization or recovery, but if they fail, further declines are likely.
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Source: https://cryptodaily.co.uk/2024/01/what-will-happen-with-xrp-if-bitcoin-price-drops-under-40k