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<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33.png" class="attachment-full size-full wp-post-image" alt="Ripple (XRP) price chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33.png 2710w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
The crypto market value plummeted by 6.8% to $1.7 trillion on Wednesday following a<a href="https://coingape.com/matrixport-predicts-bitcoin-price-dip-to-36k-amid-sec-potential-rejection-of-btc-spot-etf/?utm_source=24hrsupdateall">&nbsp;report by Matrixport</a>&nbsp;regarding the likelihood of the Securities and Exchange Commission (SEC) greenlighting spot Bitcoin exchange-traded funds (ETFs). As Bitcoin price fell sweeping through liquidity at $40,000, Ripple (XRP) dived to $0.56, down 11% in 24 hours. 
Investors have over the last few months sustained a general bullish outlook of the market, with&nbsp;<a href="https://coingape.com/price/xrp/">XRP price</a>&nbsp;climbing to $0.7 in December. In the last few weeks, the cross-border money remittance token consolidated above an ascending trendline but due to resistance at $0.64, price movement was capped in the range to $0.6. 
Recommended for you:&nbsp;<a href="https://coingape.com/markets/bitcoin-price-dumps-to-40k-as-doubts-linger-over-spot-etf-approval-can-btc-weather-the-storm/">Bitcoin Price Dumps To $40k As Doubts Linger Over Spot ETF Approval, Can BTC Weather the Storm?</a> 
<h2 class="p1" id="ripple-xrp-price-prediction-what-s-coming-after-triangle-breakout">Ripple (XRP) Price Prediction: What’s Coming After Triangle Breakout?</h2> 
Seasoned trader Captain Faibik drew parallels between the current market structure and XRP’s historic breakout, suggesting a potentially explosive move for the international money transfer token. 
He argued that the similarities in the triangle patterns were too striking to ignore. However, the volatility in the market resulted in an opposite reaction with XRP price nosediving to $0.5 before bouncing back to $0.56. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 In 2017, when the triangle breakout occurred, <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a> surged by over 30,000%. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Now, Once again It's on the verge of Triangle Breakout. 
 Will History Repeat itself? <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9d0.png" alt="🧐" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/XRPArmy?src=hash&amp;ref_src=twsrc%5Etfw">#XRPArmy</a> <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> <a href="https://t.co/xHGRQLrhM7">pic.twitter.com/xHGRQLrhM7</a> 
 — Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1741109240478286290?ref_src=twsrc%5Etfw">December 30, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Several support areas would help bulls arrest the bearish situation and possibly compel traders to buy the dip. These include the buyer congestion immediately at $0.55 – $0.56 and the next level at $0.5. 
<figure id="attachment_172131" aria-describedby="caption-attachment-172131" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-172131" src="https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33.png" alt="Ripple (XRP) price chart" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33.png 2710w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-03_18-19-33-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-172131" class="wp-caption-text">
 Ripple (XRP) price chart | Tradingview
 </figcaption>
</figure> 
The Moving Average Convergence Divergence (MACD) indicator reinforces the bearish narrative. Failure to bounce back from the support zone at $0.55 to $0.56, losses could increase fast towards $0.55 resulting in more liquidations. 
With the immediate support holding firmly, demand for new long positions in&nbsp;<a href="https://coingape.com/xrp-whale-shifts-28-mln-xrp-to-bitstamp-price-to-hit-0-64/">XRP could build up the uptrend</a>&nbsp;and return the price on the trajectory eyeing highs above $1. 
The rejection or approval of the spot ETF this January would also influence the performance of the crypto market over the next few weeks. While an approval could be ballistic for Bitcoin and the majority of altcoins, a rejection could lead to a bigger selloff. 
According to the report by Matrixport, the SEC is not motivated to approve an ETF, especially not from a political standpoint. The agency may demand that applicants fulfill one key requirement before approving the ETF in Q2. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Matrix on Target projects a January rejection for Bitcoin Spot ETFs by the SEC, cautioning traders to hedge long exposure. With <a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw">#SEC</a> Chair Gensler’s skepticism towards <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a>, a potential -20% <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> price drop is anticipated upon <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw">#ETF</a> denial, though a positive end-of-2024… <a href="https://t.co/IgaMhBJtiP">pic.twitter.com/IgaMhBJtiP</a> 
 — Matrixport (@realMatrixport) <a href="https://twitter.com/realMatrixport/status/1742494210010624179?ref_src=twsrc%5Etfw">January 3, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
XRP holders may consider buying the dip if the price rebounds from the support between $0.55 and $0.56. Such a move could clear the path for recovery above $0.6 despite the uncertainty due to resistance looming at $0.7 and $0.9, respectively. 
<h3 class="p1" id="related-articles">Related Articles</h3> 
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 <li class="p2"><a href="https://coingape.com/justin-sun-allegedly-moved-50mn-usdt-to-binance-amid-market-drop/?utm_source=24hrsupdateall">Justin Sun Allegedly Moved 50Mn USDT to Binance Amid Market Drop</a></li> 
 <li class="p2"><a href="https://coingape.com/crypto-market-selloff-btc-eth-sol-xrp-ada-price-free-fall/?utm_source=24hrsupdateall">Crypto Market Selloff: $600 Mln Liquidated BTC, ETH, SOL, XRP, ADA Price Free Fall, Here’s Why</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/ripple-xrp-price-prediction-as-crypto-bull-run-falters-is-this-a-good-time-to-buy-the-dip/">Ripple (XRP) Price Prediction As Crypto Bull Run Falters, Is This A Good Time To Buy The Dip?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ripple (XRP) Price Prediction As Crypto Bull Run Falters, Is This A Good Time To Buy The Dip?

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