Alarm sirens are going off for XRP spot holders as the token price appears set for another retest of the $2.24 support, despite Ripple CEO Brad Garlinghouse’s appearance on CBS News’ 60 Minutes show.
The XRP price is currently trading at $2.40, down 15% from its yearly high.
In a major concern for the bulls, the whales appear to be rotating their capital to Ethereum meme coins. While XRP dips, the Pepe coin is skyrocketing and reached a new all-time high today.
Another frog-themed Ethereum meme token Pepe Unchained is set to launch tomorrow amid much hype and FOMO. Prominent investors are eyeing up to 100x returns from this microcap.
Ripple CEO Brad Garlinghouse Fails To Spark Rally In 60 Minutes Interview
Ripple CEO Brad Garlinghouse sat down with CBS News’s Margaret Brennan for last Sunday’s 60 Minutes show.
While the show was largely about the crypto industry’s role in this year’s Presidential election, the bulls had hoped that XRP’s mention could spark a rally in the asset.
Instead, the XRP army was largely furious regarding the host’s apparent mischaracterization of Ripple and the blockchain industry. Even Garlinghouse posted his disappointment on X, highlighting how Brennan failed to mention that XRP is not a security following Judge Torres’s last year’s ruling.
Crypto made its debut on @60Minutes tonight – there’s no doubt that these technologies will continue to become more and more mainstream – with influence and reach that will only continue to grow. A few things I do want to comment on after watching:I spoke with Margaret…
— Brad Garlinghouse (@bgarlinghouse) December 9, 2024
However, XRP’s mention as the third-largest cryptocurrency in the interview should still attract retail investors in the upcoming bull market. There is also speculation that Garlinghouse could next sit with popular podcast host Joe Rogan.
Nevertheless, the asset faces major downside risk in the short term.
Expert Predicts The XRP Price Can Dip Another 40%
Experienced traders have repeatedly highlighted the importance of securing profits in a bull market. It could now potentially be time for XRP spot holders to lock in their profits and buy back at a lower price.
The XRP price is headed for another retest of the $2.24 support level – 6th time in just over a week. Owing to the low-high structure in the daily timeframe and the declining volume, experts are concerned that the upcoming retest could finally result in a breakdown.
Prominent crypto analyst Ninja highlights that the XRP price could see another 30% to 40% correction in the coming weeks, forming a local bottom at the $1.40 – $1.70 range.
thank me later$XRP pic.twitter.com/hsrUAJksLL
— Ninja (@Ninjascalp) December 7, 2024
Meanwhile, the bulls are hoping for another successful retest of the aforementioned support, which could pave the way for a new all-time high.
Smart Money Investors Pivot To Meme Coins
Prominent crypto investors appear to be rotating to Ethereum meme coins like Pepe and Floki.
The Pepe price reached a new all-time high on Monday, trading above the $0.000027 mark. This provides the ideal backdrop for Pepe Unchained’s launch on Uniswap tomorrow, December 10th.
24 hours until Pepe is officially Unchained. pic.twitter.com/5T2ZAKxTfm
— Pepe Unchained (@pepe_unchained) December 9, 2024
Pepe Unchained has already completed one of the most successful presale performances of 2024, raising a staggering $73.7 million. This is higher than the pre-Binance valuation of meme coins like First Neiro On Ethereum and Act I: The Prophecy.
Pepe Unchained is a high-utility meme coin, which separates it from the run-of-the-mill coins that launch daily in the crypto market. For instance, the project’s Layer-2 blockchain is set to launch soon as well, seeking to be the “go-to chain for meme coin development and trading”.
It’s been a long journey, and the $PEPU presale has seen unprecedented demand.As we approach the 74M hardcap, the journey to establish Pepe Unchained as the go-to chain for meme coin development and trading begins. 👇 pic.twitter.com/CPbkj2Px5p
— Pepe Unchained (@pepe_unchained) December 4, 2024
Similarly, the project will soon unveil Pepe’s Pump Pad, its own meme coin launchpad and a direct competitor to Solana’s Pump Fun. Considering Ethereum’s vast user base, there is no reason why Pepe’s Pump Pad will be any less successful than Pump Fun, which has delivered billion-dollar meme coins.
With PEPU at the core of the ecosystem, it is no surprise that the meme coin is in high demand. A few prominent investors are even calling it the next 100x meme coin.
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