While XRP shows a 3% weekly increase, its 30-day performance reflects a 9.5% dip, leaving the altcoin with a 35% gain over the last 12 months. Despite surpassing USDC in market cap over the weekend, XRP faces challenges in building sustained momentum.
XRP's struggle for momentum is evident in its technical indicators. The 30-day average dropped below the 200-day average in a 'death cross' at the end of January. The relative strength index (RSI) failed to surpass 50 over the weekend, signaling renewed selling pressure and falling towards 40.
The support level, declining since late November, raises concerns about potential further losses before stability returns. With a 24-hour trading volume of $800 million, XRP faces low trading activity, indicating caution among investors.
Large transfers and whale activity suggest a leaning towards selling rather than buying XRP. The altcoin's performance in the coming weeks may witness further losses before potential bullish market conditions offer support.
While short-term challenges persist, the long-term outlook for XRP appears more promising. The resolution of the ongoing Ripple-SEC case, expected by summer, could involve a substantial financial disgorgement for Ripple. Despite recent legal setbacks, Ripple seems prepared for a significant fine, with expectations of renewed growth post-settlement.
(SMOG) As traders explore alternative tokens during XRP's consolidation phase, Smog (SMOG) emerges as an exciting Solana-based meme token. Listed on the Jupiter DEX aggregator, SMOG has gained nearly 2,000% since its recent launch.
Unlike other Solana-based meme coins, SMOG has maintained most of its early gains, thanks to its unique airdrop system incentivizing long-term holding. Regular airdrops offer substantial rewards to holders with the longest tenure, contributing to SMOG's impressive performance.
As XRP navigates short-term challenges, the broader market presents opportunities for traders to explore promising altcoins like SMOG, each with its distinctive features and potential for market-beating gains.