Originally published on: December 05, 2024
XRP took a 13% tumble in the past 24 hours, landing at $2.30 on December 5. This downward trend comes as Bitcoin surged past the $100,000 mark, painting a different picture for the two cryptocurrencies.
The correction that began on December 3 has resulted in XRP losing 25% of its value since reaching a peak of $2.90. As a result, XRP’s market capitalization has also experienced an 8% decline to $133 billion, slipping to fourth place below Tether USD.
Since November, XRP has outperformed Bitcoin significantly, with a 354% rally compared to BTC’s 45.5% increase between November 1 and December 5. Despite reaching a 3.5-year high against Bitcoin on December 3, XRP’s ratio dropped significantly on December 5.
As Bitcoin reached a new all-time high of around $104,000, over $12.8 million long XRP positions were liquidated, contributing to the downward pressure on price. The liquidations coincided with a drop in XRP’s futures open interest, though it remains relatively high compared to earlier levels.
Technically, XRP’s price action has formed a bullish continuation pattern in the four-hour timeframe, suggesting a potential for a new all-time high at $4.83. However, a retreat from $2.37 could lead to a deeper pullback to support levels around $1.68.
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