Fear continues to grow around the XRP price as the coin ends yet another day in bearish territory, failing to cross above $2.90. The growing concern now suggests that the coin is poised to initiate a new, long bearish move this year before it recovers another buying momentum.
However, experts say the delay in ETF approval could be a significant factor behind why traders are now stepping back. By implication, it is unclear how low this new resistance could drive the XRP price this year, pending approval of the ETF.
Here is a quick look at how far the XRP price has performed and what could help it recover quickly.
Why XRP Price Was A Major Subject In Crypto This Year
Like the other top three crypto assets, the XRP price has demonstrated strong buying momentum this year. In fact, the XRP price surge began much earlier than many others, increasing by over 600% between November last year and early January this year. The price rose rapidly, surpassing $3 in a short time.
However, while several factors have been identified, three stood out more than others as the primary catalysts fueling the surge. This includes:
- The change of power at the SEC to a more pro-crypto boss, which helped reduce the tension between the agency and the Ripple Lab
- Fast-growing Ripple expansion and banking partnerships are making it a significant force in the cross-border payment scene
- And, the repeated calls for an XRP ETF
Price Projection As The XRP Buying Momentum Falls Short
The XRP whales and retail traders have been instrumental in keeping the price floating since January, with strong momentum keeping the price above $3 in the past. However, the recent price change could signal a drop in buying sentiment. This means there might not be enough reasons to fuel buying interest from this investor group.
The XRP price has fallen below the $3 mark for the last few days and failed every attempt at a recovery. In fact, the $2.90 zone has maintained a consistent resistance over the XRP price lately.
The growing concern now centers on expert projections of a significant fallout if the XRP price fails to keep the $2.8 support. With the price repeatedly testing this zone, the coin may see more selling soon.
A Peep At How Remittix Could Offer A Backup During The XRP Dip
While the XRP price dip is changing investors’ confidence right now, a look at how the new Remittix token has performed lately shows it could offer a way out. The Remittix token is also another payment solution set to launch with a set of propositions that could renew payment. These Remittix propositions include:
- Using crypto assets to pay fiat currencies to any bank account in the world
- Remittance and settlement from crypto to fiat for businesses using a dedicated API for business receiving crypto from users
- Support low-cost crypto-to-fiat conversion of 40+ crypto to more than 30 fiat currencies.
The Remittix token has just crossed the $22 million landmark and is now more ready than ever for a major breakout. Early buyers are already enjoying 5 times the previous price changes, but analysts say there is over 40 times the potential to come after the Remittix listing this year. XRP investors who buy now can secure a spot that helps protect their account from XRP bears this year.
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