Here’s when the price of XRP and other Altcoins will rebound.
XRP has been experiencing interesting price movements recently, with an unexpected increase in retail interest. Google Trends data shows an increase in mentions of XRP and this increase has sparked a lot of retail buzz.
According to Brian from Sentiment, it's amazing how strong 30-day performance can drive such excitement. Even with a slight pullback, XRP is still up 329% in the past month. Although down about 11.5% from its peak eight days ago, XRP's price more than doubled in one week from November 25th to December 2nd.
On the Thinking Crypto podcast, Brian said that the price increase came with increased retail interest in trading volume and active addresses. However, it's worth noting that XRP, like other altcoins, remains vulnerable to Bitcoin's movements. Despite this, XRP's utility remains a key driver behind FOMO, with many traders jumping in based on price momentum rather than the coin's fundamentals.
When will XRP and other Altcoins rise again?
The altcoin market has been seeing some interesting activity lately. The overall market value of 3,600 properties fell 1.5% last week, but transaction volume increased.
According to the analyst, the sentiment is mixed at the moment, neither bulls nor bears are clearly in control. This has created some volatility, with panicked sellers being met by buyers looking to take advantage of lower prices. Without a clear direction, the market is stuck. Many are hoping for a Christmas or New Year parade, while others are looking forward to a recovery in January.
Historically, December is sometimes a difficult month for crypto markets, especially after a strong performance in November. In the year In 2017 and 2021, there were similar slowdowns in December, and this year may follow a similar pattern. Tax season often leads to profit taking, which can further delay the move.
It may be useful to monitor how things develop in the short term. The next few weeks are likely to be quiet as whalers and big traders take a step back.
