Will XRP Fall Below $0.50?
A significant sell-off has been reported for Ripple’s XRP, with over 27 million tokens being dumped by a whale. The transaction was worth $14.48 million and took place on the Bitstamp trading platform. XRP Captain, a supporter of XRP, predicts that the price of XRP will drop below $0.50 soon, indicating a decline of over 5% from the current price trend.
However, despite the recent price crash, there is hope for a bullish rally as XRP is poised to register a Falling Wedge breakout. This suggests that the price could surge beyond $0.64, indicating a 21% increase from the recent price range.
XRP Price Plunges Below $0.53
The value of Ripple’s XRP dropped by 1.09% to $0.5262, with a market cap of $28.58 billion and trading volume of $588.47 million. The price reached a high of $0.533 before falling below $0.53 and hitting a low of $0.5217 during the bearish turn. Additionally, XRP is currently trading 86.30% below its all-time high recorded in January 2018.
The TradingView moving averages indicator suggests a “Strong Sell” signal for XRP as it is trading significantly lower than its 50-day and 200-day EMA, indicating a bearish trend in both the short and long term.
Hot Take: XRP Faces Volatility and Uncertainty
XRP has experienced extreme volatility in the crypto market, falling below the $0.53 mark. A significant sell-off by a whale and predictions of further price slumps have added to the uncertainty surrounding XRP. However, there is hope for a bullish rally as XRP could register a Falling Wedge breakout and potentially surge beyond $0.64. Despite this potential increase, XRP is still trading significantly below its all-time high, indicating a challenging road ahead for the cryptocurrency.
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