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XRP price is down 3% to trade for $0.6050 as of 3:00 a.m. EST time alongside a 7% drop in trading volume.
It comes after the Ripple price faced a rejection from the supply zone extending from $0.6572 to $0.7161, an area where sellers abound.
As the XRP price struggles to breach this supplier congestion zone, investors are scrambling to make the right call, which might be to buy BTCMTX while they still can.
According to analysts, the token has 10X potential once it is listed on exchanges.
Meanwhile, Galaxy Digital CEO Mike Novogratz has taken back his words doubting the potency of Ripple and XRP as an ecosystem. The crypto billionaire was skeptical about the potential of Ripple price because of the amount of XRP tokens held by the San Francisco-based payments company Ripple.
🧵 Alpha time: @novogratz x @RaoulGMI
Please enjoy 5 takeaways from this convo… 🫡
1/ 🚀 Novo on Ripple’s $XRP triumph against all odds: “I was wrong…” https://t.co/aleePocwRQ pic.twitter.com/T3rXFbbF3L
— Real Vision (@RealVision) December 10, 2023
Mike Novogratz Expresses Belief In XRP
Appearing on RealVision, Novogratz said he had been doubtful about the sustainability of XRP as an ecosystem as Ripple owned around 60% of the token supply.
But he’s now congratulating Ripple CEO Brad Garlinghouse and his team. “The XRP army is real,” he said. “They care about their ecosystem and their coin.”
Elsewhere, Ripple lawyer John E. Deaton has identified the “single threat to crypto” and it is not the US Securities and Exchange Commission (SEC) chair Gary Gensler. In his opinion, Senator Elizabeth Warren is the industry’s sole enemy, with Deaton observing that she is the one who gives Gensler his commanding orders.
Her bill is a BIG deal. NINE U. S. Senators have joined her, including Republicans and Independents. As I’ve said, if you’re talking about people, Elizabeth Warren is the single biggest threat to Crypto in the United States. It’s not Gensler because Gensler takes his marching… https://t.co/N6PnYlFQVZ
— John E Deaton (@JohnEDeaton1) December 12, 2023
It comes after Senator Warren proposed a bill to “crackdown” on the crypto industry. In her opinion, the sector needs “greater compliance” as it is an enabler for criminal activities.
Despite Warren’s 0/305 track record for getting bills approved, I hope this isn’t her first success.
Between FinCEN’s proposed rule against mixers and this nonsense, it sure feels like there is a coordinated attack on Bitcoin in America.
I’m hopeful election day will bring a… pic.twitter.com/yo1nEcwXVp
— Sasha Hodder (@sashahodler) December 13, 2023
XRP Price Prognosis
After a rejection from the supply barrier, XRP price continues to hold above the $0.5773 support. However, the bears have the upper hand considering the Relative Strength Index (RSI) is below the 50 mark. Its inclination to the south also points to falling momentum.
The red histogram bars of the Awesome Oscillator (AO) also point to the presence of the bears in the Ripple market. Increased selling pressure could see the XRP price extend south, potentially losing the $0.5773 support. In the dire case, the slump could extend for the price to test the $0.4595 support floor. Such a move would constitute a 25% drop below current levels.
On the flip side, if late investors come in, the ensuing buying pressure could see XRP price pull north, foraying into the supply zone extending from $0.6572 to $0.7161. A break and close above the mean threshold of this order block at $0.6869 would confirm the continuation of the northbound move.
A decisive candlestick close above the $0.7333 resistance level would render the supply zone a bullish breaker, setting the pace for a continuation of the trend, with XRP price likely to reach the $0.8505 local top, last tested in July.
In a highly bullish case, the gains could extend for XRP price to tag the range high at $0.9380, a move that would denote a 60% climb above current levels.
As XRP price works out its next move, consider BTCMTX, the choice project for anyone looking to become a Bitcoin owner. The project does not give you BTC tokens but gives you a chance to mine them in the easiest way possible.
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— Bitcoinminetrix (@bitcoinminetrix) December 12, 2023
Promising Alternative To XRP
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#BitcoinMinetrix Stage 13 kicks off! 🔔
What do you believe will be the most transformative use case for #Blockchain technology in the next five years, and how might it impact our daily lives? pic.twitter.com/y0nlEFWQ9X
— Bitcoinminetrix (@bitcoinminetrix) December 12, 2023
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#Tether freezes 41 wallets linked to OFAC’s SDN List, taking precautionary measures. 🔒
CEO Paolo Ardoino emphasizes a safer #Stablecoin ecosystem.
How do you think such actions impact the stability and trust in stablecoin technology?#BitcoinMinetrix attains another… pic.twitter.com/EOIjneI5f3
— Bitcoinminetrix (@bitcoinminetrix) December 12, 2023
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Verify details from trusted sources.
Refrain from sharing personal or sensitive data.#CryptoSafety pic.twitter.com/9VdOfrhaNT
— Bitcoinminetrix (@bitcoinminetrix) December 13, 2023
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