XRP price remains in a bear market after falling by over 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 cheer the Donald Trump election in November.
His Securities and Exchange Commission (SEC) has pledged to be different 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 of the 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 catalyst is that its ecosystem has done well this year. Sologenic (SOLO) token has soared by over 17% in the last 24 hours and by 8.2% in the last seven days, giving it a market cap of over $174 million.
Sologenic is part of the XRP Ledger that provides a platform for real world asset tokenization (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 last 7 days. Coreum is another large player in the XRP Ledger network that has created a superledger network that lets users to create their smart tokens.
XRP price analysis
The weekly chart shows that the Ripple price is 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. It 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 and is characterized by high volatility, and is 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. On the other hand, more gains will be confirmed if it rises above the YTD high of $3.38.
