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BTC $48229.22 (-1.0%)
ETH $3441.89 (-2.2%)
USDT $0.99 (-0.1%)
BCH $637.32 (0.20%)
BSV $158.96 (-0.5%)
LTC $180.97 (-1.5%)
BNB $411.15 (-1.8%)
ADA $2.38 (-0.9%)
DOGE $0.24 (-1.5%)

Ripple Price Analysis: Flare (Spark) FOMO Sinks XRP Price

Ripple Price Analysis: Flare (Spark) FOMO Sinks XRP Price
  • Ripple integration with Flare (Spark) triggers FOMO over investors.
  • Ripple price analysis shows a decline in XRP price.
  • Bitcoin is on its way to reaching $20,000.

The Ripple cryptocurrency involvement in the Flare (Spark) airdrop event last December 12 triggers the FOMO over the investors. As a result, the Ripple price declined to almost -18% from its bullish price of $0.586 on December 11.

The airdrop mechanics involves receiving Spark on a one-to-one ratio against the XRP crypto. This caused the crypto whales to migrate their funds to Ripple, which boosted the platform’s market cap to over $26 billion.

XRP ALMA and RSI (Source: TradingView)
XRP ALMA and RSI (Source: TradingView)

The graph above shows the crypto’s trading price below the Arnaud Legoux Moving Average (ALMA). This is an indication that the XRP price is pointing towards the bears’ territory, which is not good. To prevent further losses, the crypto must regain its composure quickly and restore its uptrend position. Otherwise, the bears might pull the crypto further down to its pit level with an XRP price of $.40.

On the other hand, the relative strength index (RSI) of the crypto is now at level 48. This means that the crypto is in a fair position to make a recovery for its current losses.

Meanwhile, as XRP suffers from its price decline, the famous Bitcoin is having the time of its life. Today, Bitcoin trades at a high price of $19,248 with a growth rate of +18% in the past 30 days. If this goes on, the crypto might break the $20,000 price level, a position favored by many.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.