The cryptocurrency market has taken another dip because of the sharp increase in U.S. Treasury yields over the last 10 years. With the crypto market, equity markets also showed weakness, with NASDAQ dropping 1.79% intraday. Amid the downturn, the XRP price slid nearly 10% from Saturday’s high.
Ripple traders have become anxious about the failed recovery breakout and are now shifting significant positions to the DTX Exchange (DTX). Seasoned Ripple investors welcome this opportunity to buy low-priced gems like DTX, which, according to market experts, could be the biggest gainer of the year.
XRP Price Stands At 20-DMA Support
The XRP price gained 14.79% last week after the reversal breakout from the triangle pattern. However, due to the weak economic reports published, it dropped 6.40% on 7 January, pushing the price below the $2.30 support level. The XRP price has taken support around the 20-period moving average at the $2.50 mark. After the drop, Ripple traders came in and attempted to drive the XRP price higher, but they have yet to see any follow-through.
Currently, the XRP price is consolidating near $2.30, with mixed signals suggesting a fight between buyers and sellers. In the 4-hour timeframe, Ripple retested the support breakdown, but Bears took control and rejected the retest. A continuation at this level could validate a bearish trend, leading to further downside pressure.
A major event coming up in the Ripple SEC case could significantly impact the XRP price. Following the court’s timeline, the SEC is set to file its opening brief in the lawsuit by January 15. This filing is a key step in the agency’s appeal after the 2nd Circuit Court granted an earlier extension. However, the court has firmly stated that no further extensions will be allowed.
Meanwhile, Bank of America CEO David Stryzewski revealed that the bank uses XRP for all its internal transactions. He also mentioned that Bank of America has filed 83 patents related to the blockchain technology behind Ripple, seamlessly integrating XRP into its daily operations. The ongoing developments and ruling in Ripple’s favor can catalyze the XRP price to a full recovery.
DTX Exchange Aims Exponential Price Growth As Listing Approaches
While Ripple is experiencing market volatility and an uncertain future, DTX Exchange (DTX) has maintained record-breaking momentum, surging 600% in just two months. DTX is the first-ever hybrid exchange, setting new standards in the trading industry by combining the best features of centralized and decentralized exchanges.
DTX Exchange offers traders 120,000+ financial trading assets, including stocks, cryptocurrencies, forex, commodities, and instruments like CFDs and ETFs. The platform also provides an incredible 1,000x leverage for better market exposure.
The platform has built a highly secured platform with a non-custodial Phoenix Wallet and no-KYC policy for privacy and identity safety. DTX Exchange runs on its proprietary layer-1 VulcanX blockchain, which has achieved an ultra lightning speed of 100,000 TPS in the recent testnet launch.
With its hybrid model and sophisticated trading tools, DTX Exchange is becoming a one-stop solution for traders. Currently, in the 7th stage of the presale, DTX tokens are selling for $0.14 apiece. DTX tokens are the core of the platform and provide features like governance rights and reduced trading fees. According to expert projections, in Q1 of 2025, DTX will launch exchanges like Binance and can provide listing gains of over 100x.
Find out more information about DTX Exchange (DTX) by visiting the links below:
