XRP Price Prediction as $0.50 Level Fails to Hold – Will XRP Keep Falling?
The XRP price has fallen by 3.5% in the past 24 hours, with its drop to $0.482084 coming on a bad day for the cryptocurrency market as a whole, which is down across the board.
XRP is now down by 4% in a week and by 23.5% in the last 30 days, although the altcoin remains up by 41.5% since the beginning of 2023.
With the wider market still being dragged down by Bitcoin ETF delays and also by macroneconomic-induced uncertainty in more traditional markets, it's possible that XRP could fall a little further before it decisively corrects itself.
However, with XRP's fundamentals remaining as strong as they were back in July (when it almost reached $0.85), the current dip provides investors with a good opportunity to buy the altcoin cheaply before it returns to growth.
Unsurprisingly, XRP's chart and indicators are showing some real weakness at the moment, but this can obviously be read as a sign that the coin is oversold and now available at a big discount.
Its relative strength index (purple) has not only just touched 30, but it has been very close to 30 for around a month now, indicating that a recovery of some kind is long overdue.
On the other hand, XRP's 30-day moving average (yellow) is about to fall below its 200-day average (blue), a move which would form a 'death cross' that can often signal further losses to come.
That further losses are possible has also been suggested by the altcoin's support level (green) which has fallen through $0.50 and may break a few other floors before stabilizing.
But as noted above, much of this instability and weakness comes from market-wide conditions, with cryptocurrency investors becoming even more bearish in recent weeks as a result of the SEC's decision, for example, to delay its decisions on
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