Popular trading mentor Jacob Canfield praises XRP’s resilience during the latest cryptocurrency crash.
The cryptocurrency market has recently witnessed one of its largest sell-offs, wreaking havoc on the prices of major assets, especially altcoins. XRP was not spared from the last downturn, as the asset gave up its third position to Tether (USDT).
Canfield praises XRP’s resilience
Despite falling below the $2 mark yesterday, XRP recovered very well and is currently hovering around $2.3. Interestingly, Canfield took to X to express his admiration for the token’s resilience during the latest market bloodbath.
“I am very impressed with how well $XRP has held up.”Canfield commented yesterday in an X publication.
The trading mentor noted that he expected the price of XRP to remain below $2, while showing signs of “distribution vibrations,” where large holders may liquidate their position in the asset.
However, he was surprised to see XRP trading above $2.3, calling this feat “remarkable.” Given XRP’s resilience in the last market downturn, Canfield emphasized that XRP is “worth monitoring.”
XRP shows strong resilience amid recession
XRP’s recent performance has continued to surprise many investors. Last week, CNBC described
Specifically, the price of XRP skyrocketed from around $0.5 in early November to $2.86 on December 3rd. However, this was followed by a significant drop, which sank the price to $1.90 on December 10. Interestingly, XRP recovered from this level, skyrocketing to $2.71. a week later, thanks to the launch of the Ripple RLUSD stablecoin.
The rally was short-lived as XRP suffered another major drop due to Bitcoin’s skyrocketing movement. This time, it fell below the $2 mark yesterday, falling to an intraday low of $1.97. Just like last week, XRP bounced nicely yesterday, topping $2.3 a few hours later.
XRP to resume uptrend soon
Commenting on the development, popular crypto analyst Charting Guy noted that XRP’s latest price movement aligns with a similar pattern from 2017.
According to Charting Guy, yesterday’s low could mark the end of the recent downtrend before XRP resumes its uptrend next weekend, potentially reaching a new all-time high (ATH) in January.
What a bounce for $XRP from today’s lows, right at the key level I said ✅📈
If we are really following the year 2017, TODAY was the lowest point. we’ll probably cut another week and then continue the uptrend next weekend, hitting new all-time highs in January 👀 https://t.co/gnQ0Tgdfcc pic.twitter.com/4WQT7xTtpJ
– Charting Guy (@ChartingGuy) December 20, 2024
It is worth mentioning that the previous historical record of $3.84 was recorded on January 4, 2018.
Whales accumulate 80 million XRP amid the fall
According to Ali Martínez, crypto whales, especially those holding between 1 million and 10 million XRP, took advantage of the recent drop to increase their XRP holdings.
Notably, these investors accumulated 80 million XRP since the correction began on December 17. At the current price of $2.35, these 80 million XRP coins are worth $188 million.
Whales bought $80 million XRP since the price correction began on December 17! pic.twitter.com/nakUKEIzYC
– Ali (@ali_charts) December 20, 2024
Currently, XRP is up 2.06% in the last 24 hours but is down 5.73% in the past week.
