XRP Price Prediction as $1 Billion Puts XRP in the Green – Time to Buy?
The XRP price has held steady today, with its current level of $0.490994, meaning that it's unchanged in the past hour and past day.
And while XRP is down by 1.5% in a week and by 3.5% in a fortnight, it has actually risen by 3% from its seven-day low, while the altcoin remains up by 44% since the beginning of the year.
This year-to-date increase has happened largely as a result of the positive ruling Ripple secured in July in its case against the SEC, a ruling which the presiding judge upheld when she rejected the regulator's application for an appeal earlier this month.
Such decisions put XRP in a great position to rally once the market becomes more bullish, and with yesterday's premature rumors regarding a Bitcoin ETF approval also briefly benefitting the altcoin, such a rally may not be that far away.
XRP's chart and indicators may not be in a great position right now, yet the altcoin's continued underperformance would nonetheless suggest that a recovery rally is due.
After a spike at the beginning of the month, the coin's 30-day exponential moving average (yellow) has fallen some way below its 200-day average (blue) once again, implying that it has been oversold and may become increasingly attractive to buyers after a discount.
Likewise, the coin's relative strength index (purple) struggled yesterday to reach 50, with its slight decline towards 40 today suggesting that it may have to lose a little more momentum before new buyers step in to buy it on the cheap.
One reassuring sign, however, is provided by XRP's support level (green), which has resisted going below $0.48 in recent weeks, meaning that the coin isn't likely to fall much lower before recovering again.
Indeed, it seems that XRP is now primed for a spike, with
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