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The XRP price dropped 3% in the last 24 hours to trade at $2.48 as of 03:24 a.m. EST on trading volume that surged 51% to $3 billion.

This pullback in the Ripple token price comes as the Federal Reserve officially recognized the efficiency, security, and scalability of Byzantine Fault Tolerant (BFT) consensus mechanisms in a research paper discussing secure payment systems.

This acknowledgment reinforces the relevance of digital assets such as XRP, Stellar Lumens (XLM), and Hedera Hashgraph (HBAR), which utilize variations of BFT-based consensus mechanisms.

‼️ FEDERAL RESERVE OFFICIALLY EMBRACES BFT, CEMENTING XRP, XLM, AND HBAR’S ROLE IN SECURE PAYMENTS‼️
The Federal Reserve has officially acknowledged the efficiency and scalability of Byzantine Fault Tolerant (BFT) consensus models in a research paper discussing a secure payment… pic.twitter.com/2pJ0j2Nx8U
— SMQKE (@SMQKEDQG) February 21, 2025

Ripple Token Price Analysis: Bullish Wave Structure In Play?

The XRP price chart on the 12-hour timeframe illustrates an Elliott Wave pattern, suggesting that XRP is in the midst of a five-wave impulsive move.

Waves (1), (2), (3), and (4) are already completed, with the price currently consolidating in what appears to be the early formation of wave (5), according to GeckoTerminal data.

The recent Ripple token price action is testing a key demand zone, marked in purple, which aligns with the 50 Simple Moving Average (SMA) and the 200-day SMA on the 12-hour chart acting as dynamic supports.

Meanwhile, the Relative Strength Index (RSI) is at 39.94, which is near oversold territory. This suggests that selling pressure is weakening, and a potential rebound may be on the horizon if buyers step in.

XRP Price Chart Analysis — XRP Price Chart

XRP Price Prediction

Considering the Elliott Wave structure, support levels, and technical indicators, the XRP price may be on the verge of initiating wave (5), which could take the price toward new highs.

If the price of XRP holds above the $2.39 – $2.48 support zone and reclaims the 2.60 level, the next target would be $3.50 – $4.00 based on Fibonacci extensions of prior waves.

However, if the Ripple token price breaks below $2.39, a deeper correction could follow, potentially testing the $2.00 – $1.88 support before another attempt at upside, within the Fair Value Gap (FVG).

As the XRP price takes a hit, investors are flocking to the presale for Best Wallet (BEST), which according to ClayBro, a popular YouTuber with over 136K subscribers, is one of the best crypto wallets for 2025.

Best Wallet Presale Closing On The $11 Million Mark – Best Crypto Wallet Token?

The Best Wallet presale has just crossed the $10.5 million milestone, and it is easy to see why. With a user-friendly design, advanced features, and high staking rewards, many see the project as the future of crypto wallets.

Unlike MetaMask, which is primarily Ethereum-focused, or Trust Wallet, which is great for beginners, Best Wallet supports over 60 blockchains. This means you can manage everything from the top altcoins to the latest up-and-coming tokens all in one place.

The Fastest Growing Wallet in Crypto!
In a crowded market, Best Wallet delivers the tools you need to gain an edge. 🚀
1️⃣ Exclusive alpha on new projects.
2️⃣ Buy and claim tokens in the app.
3️⃣ Manage all your assets across multiple chains in one place.
This is why the Best… pic.twitter.com/AT4yos1CmG
— Best Wallet (@BestWalletHQ) December 30, 2024

Among the many features offered, one stands out: the “Upcoming Tokens” section. This feature helps users discover promising projects that are still in the early stages.

The project’s success in identifying promising projects is clear. It’s already identified tokens such as Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that delivered 500% and 3,000% gains, respectively, for early investors.

Currently, BEST tokens are priced at $0.0241. Those interested in joining the project should buy BEST before a price hike in less than 11 hours. Investors can also stake BEST tokens for a huge 154% annual percentage yield.

Purchase BEST on its official website here.