Is the Value of Ripple Plummeting As AI Coin Gains Popularity XRP Sees a Decline in Market Position

Is Ripple Price Plummeting? XRP Price Declines in Rankings as AI Coin Emerges as Trending


Written by Harvey Hunter
Last modified:
July 2, 2024, 17:47 EDT
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2 min read


Despite a slight increase in the overall market, the XRP price has taken a significant hit following the recent Bitcoin wallet movements related to Mt Gox, raising concerns about its stability.
XRP has only seen a modest growth of 0.45% in the past 24 hours, retracing from its earlier surge today. Although it has shown some gains over the past week, with a 1.0% increase, it has not yet recovered from the 6.85% loss it experienced in the last month.
Taking a broader look, it appears that XRP has been on a downward spiral this year, with a 1.58% loss, while other major cryptocurrencies have been flourishing.
Despite this, traders are still actively engaged with XRP, as its trading volume has surged by $10.27 in the last 24 hours to $873.31M.
XRP Price Struggles to Break Key Support – Is XRP Crashing?
While today’s sudden dip after a promising momentum could be interpreted as a crash, the indicators tell a different story.


It seems that the XRP price has undergone a correction following an unsuccessful retest of a crucial resistance level (white) at $0.4889. This, along with the support (white) at $0.4659, has kept XRP in a consolidation phase for the past two weeks.
The next significant test for XRP will be at the 0.4806 support level (dark green), which will determine whether the altcoin’s correction has concluded or if there is more downside to come.
The “correction” is evident in the relative strength index (RSI) (purple), which has dropped from 85 to 40 over the past 5 hours. This signifies a shift from an overbought state to a neutral one, as buying pressure eases and price movement cools down.
While an RSI of 40 leans towards bearishness, broader trends will offer insight into XRP’s likely direction in the future.
Crucially, the 30DMA (yellow) is currently trending upwards, while the 200DMA is showing a promising incline for the first time in over 10 days.
This indicates that, despite the correction, BRETT is displaying strong short-term momentum. Moreover, the overall long-term trend is improving, reinforcing a positive outlook for the asset.
However, despite these factors, any potential upside may be insignificant, given XRP’s history of disappointing price action over the past year. Therefore, it is understandable why traders are seeking more promising opportunities.
Low-Cap Meme Coin Offering High Gains Potential
As the overall market has been complacent in recent weeks, meme coins have shown resilience with substantial growth. Traders may find a strategic advantage in exploring meme coins set for explosive growth.
WienerAI ($WAI) is a new meme coin that promises more than just a flashy mascot and community hype. It is an AI companion touted to become “every crypto trader’s Best Friend.”
The meme coin market is flooded with animal-themed coins with little to no real utility, which may explain Wiener AI’s (WAI) recent success, raising almost $7 million in one of the most promising presales right now.
Described as a “Revolutionary AI Trading partner,” WienerAI is a digital companion that provides its owner with user-friendly AI-enhanced trading advice, seamless swap functionality, and zero fees.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.