The cryptocurrency market is experiencing a downturn reminiscent of 2022’s bearish trend, with dwindling enthusiasm in meme coins and significant concern about the Federal Reserve’s potential delay in interest rate cuts. This trepidation has been catalyzed by adverse data, leading to market sell-offs. In particular, XRP and FLOKI Coin are facing pivotal moments in their price trajectories.
XRP’s Price Struggles Amid Market Downturn
The decline in Bitcoin‘s value and the initiation of sales for XRP Coin at $0.74 have driven it towards anticipated lower valuations. Previously forecasted to lose steam around the $0.74 mark, XRP has indeed seen a downward push to $0.68 and $0.58 levels quicker than expected. This is partly due to the broader meltdown in Bitcoin prices.
With XRP investors anticipating an end to the consolidation within familiar price ranges, the unresolved legal battle with the SEC lingers, affecting investor sentiment as the first quarter of 2024 nears its close. The possibility of an SEC victory puts long-term confidence at risk, while the increasing circulating supply implies that XRP Coin would need to surpass its 2021 market peak to attain a $2 price point. Currently, a feasible market value is estimated at around $1.35 per XRP unit.
Looking at the technical charts, the price of XRP has retraced to the support of a parallel channel; further dips below this level could lead to new lows ranging between $0.54 and $0.48, with additional support near the $0.46-$0.47 region.
The Uncertain Trajectory of FLOKI Coin
The enthusiasm for meme coins like FLOKI has diminished as Bitcoin experienced a downturn and high-risk investors rapidly liquidated their holdings. FLOKI Coin, despite its recent surge, has encountered a significant drop. A profitability rate of over 94% had previously signaled the possibility of reaching new heights, but the current exit of short-term investors raises the risk of the price plunging below $0.000163 and potentially dropping further to $0.0000943 or even $0.0000357.
Nevertheless, a swift Bitcoin recovery and renewed interest in meme coins could lead to a rebound in FLOKI’s price, with potential targets of $0.000250 and $0.000298 on the horizon.