XRP Price Prediction as Ripple Falls Behind USDC In Coin Rankings – What’s Going On?
The XRP (XRP) price is struggling to keep up with a broader crypto market rebound on Thursday, rising just 1.4% in 24 hours as per CoinMarketCap versus gains of 3.5% for Bitcoin (BTC) and 4.5% for Solana (SOL), with XRP’s market cap having recently slipped below that of US dollar stablecoin Circle USD (USDC).
Down more than 20% on the month and trading just above $0.50, XRP’s market cap was last around $27.67 billion. That’s nearly $4.5 billion less than USDC’s market cap of just over $33 billion. XRP’s coin ranking it now number 7, with USDC taking the 6th spot.
The XRP price dumped hard earlier in the month amid a sharp altcoin sell-off. Geopolitics was the catalyst for the sell-off at the time, but macro headwinds have blocked a full recovery.
And XRP’s fortunes could yet worsen, with the cryptocurrency having broken below a key long-term uptrend.
XRP’s sharp drop earlier this month saw the cryptocurrency break below an uptrend that had been in play going all the way back to early 2023.
Since the break of this trendline, the XRP bears have already hit three major price targets. Those were at $0.4850, $0.46 and $0.43, with bears likely to eye $0.40 next.
That target could well get hit is Bitcoin succumbs to a post-halving sell-the-fact reaction, and macro headwinds keep building.
XRP’s near-term technical outlook is ugly. The token may well continue to keep pace with its better-performing rivals for the remainder of 2024.
After all, Bitcoin sits at the forefront of global adoption in wake of recent US spot ETF approvals. ETH, while still facing regulatory risk, is a much more dynamic chain and remains the major home of DeFi.
Investors looking to take their first steps into the crypto market would likely do better choosing
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