XRP price remains in a bear market after falling 29% from its highest level this year, as most tokens waver.
Ripple, the fourth-biggest token in the crypto industry, has dropped to $2.4, bringing its market cap to over $140 billion.
Sologenic and Coreum Prices Are Rising
The XRP price has done well in the past few months as traders cheered for the Donald Trump election in November. His Securities and Exchange Commission (SEC) has pledged to differ from Gary Gensler’s.
Hester Pierce, one of the top pro-crypto regulators, has said that the agency will seek to end or pause some legal action. That could benefit Ripple Labs and XRP price.
Another catalyst is that the odds that the SEC will approve a spot XRP ETF have jumped on Polymarket. These odds have soared to over 80%, a high conviction rate among investors since XRP is one of the biggest Made in USA coins.
One of the least mentioned XRP price catalysts is that its ecosystem has done well this year. The Sologenic (SOLO) token has soared by over 17% in the last 24 hours and 8.2% in the previous seven days, giving it a market cap of over $174 million.
Sologenic is part of the XRP Ledger, providing a real-world asset tokenization platform (RWA). Its Asset Tokenization Platform lets users trade tokenized stocks from top global exchanges, while its CBDC solution lets users build tools for CBDCs and private ledgers.
These solutions are disrupting some of the biggest industries.
The Coreum token has surged by over 18% in the last 24 hours and 11% in the previous 7 days. Coreum is another large player in the XRP Ledger network, which has created a super ledger network for users to create their smart tokens.
XRP Price Analysis
The weekly chart shows the Ripple price trading at $2.42, down from this month’s high of $3.38. It remains above the key support level at $1.9847, its highest swing in April 2021. The price has also formed a morning star pattern, pointing to more gains.
However, there is a risk that Ripple has entered the distribution phase of the Wyckoff Theory. This is usually the third phase, characterized by high volatility, followed by the markdown period.
Therefore, the markdown phase will be confirmed if the XRP price drops below $1.7900. This is the lower side of the morning star candle. However, more gains will be confirmed if it rises above the YTD high of $3.38.
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