XRP Faces Bearish 2024 Start, but Analysts Predict Bullish Turnaround

• XRP faces a bearish trend, down 11.99% Year-to-Date despite a 21.6% increase in 24-hour trading volume.
• XRP’s uptrend since July 2023 and a 42.09% growth over the past year counter criticisms within the community regarding its slower pace.
• Contrary to the current gloom, projections suggest a positive long-term outlook for XRP.

XRP has grappled with a bearish commencement in 2024, witnessing a 0.80% decline in its price, settling at $0.547328 in the past 24 hours. 

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This downtrend is accentuated by an 11.99% Year-to-Date decline, positioning XRP as a comparatively underperforming asset within the crypto space. Amidst the prevailing gloom, however, a positive narrative emerges within the on-chain data. 

Over the last 24 hours, XRP has experienced a noteworthy 21.6% surge in trading volume, reaching $1,113,770,780. Despite this surge in trading activity, a substantial price increase has yet to materialize, with the coin’s seven-day growth witnessing an 8.29% decline.

Critics within the XRP community have voiced concerns about the coin’s slower growth in comparison to its counterparts. Noteworthy figures such as Ripple CTO David Schwartz and market analyst DustyBC Crypto have staunchly defended XRP, highlighting its consistent uptrend throughout the past year. 

DustyBC Crypto’s comprehensive chart, spanning from July 2023, delineates a predominant uptrend interspersed with corrective phases, countering the prevalent negativity.

While XRP has encountered difficulty breaching the $1 resistance point since November 2021, the coin exhibits resilience, boasting a commendable 42.09% growth over the past year. Analysts, including market expert Dark Defender, inject a sense of optimism amid the current bearish sentiment. Dark Defender holds a positive outlook, envisioning a potential ascent to $5.85 in the long term.

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