When can we expect a rebound in XRP price?
An analyst named Ali Martinez believes that the XRP price is showing signs of a potential rebound. The analyst points out that the TD Sequential indicator has been accurate in predicting XRP’s movements on the 3-day chart, and currently, it is indicating a “buy” signal. This suggests that XRP may be gearing up for a rebound in the near future. However, Martinez also warns that this rebound may be short-lived, as he previously predicted a massive sell-off if XRP fails to hold the support at $0.55.
Unfortunately, XRP has not only fallen below $0.55 but has also dropped below $0.53, distancing itself from the crucial support level. According to Martinez’s prediction, this could trigger a significant slump in XRP price to $0.34, resulting in a 35% plunge compared to its current value. Therefore, despite the possibility of a rebound, it is expected that Ripple’s XRP will continue to lose value in the long term.
XRP price continues to decline below $0.53
In the past seven days alone, XRP has lost nearly 8% of its value and has decreased by over 2% today. As of now, the XRP price stands at $0.5271 with a market capitalization of $28.63 billion, which has also experienced a decrease of 2.38%. However, there has been an increase in trade volume, which rose by 80.59% to reach $1.10 billion in the past 24 hours.
Despite approaching $0.52 and hitting a low of $0.5219 earlier today, XRP managed to rebound slightly after that despite remaining in the red zone. However, TradingView’s moving averages meter suggests a “Strong Sell” move for XRP. The cryptocurrency is currently trading well below the 50-day and 100-day EMA, indicating a long-term bearish trend.
Hot Take: XRP price faces further decline
The XRP price has fallen below the $0.53 mark, and despite the possibility of a rebound in the short term, analysts predict that Ripple’s XRP will continue to lose value in the long term. Ali Martinez, a crypto analyst, believes that although there are signs of a potential rebound, XRP may experience a massive sell-off if it fails to hold the crucial support at $0.55. This could result in a significant slump in XRP price to $0.34, representing a 35% plunge from its current value. Therefore, it is important for investors to carefully monitor the future movements of XRP and consider these predictions before making any investment decisions.
By
By
By
By