XRP Price Prediction as $1 Billion Trading Volume Comes In – Will XRP Fall Below $0.60?
The XRP price has dropped by 4.5% in the past 24 hours, falling to $0.663825 as the cryptocurrency market overall slides by 1% today.
XRP is now down by 7.5% in the last seven days, with today's drop witnessing a spike in trading volume beyond $1 billion as holders panic sell the altcoin, which remains up by 36% in the past month and by 77% in the past year.
It's arguable that XRP has declined more than the market as a whole because investors have decided to take profit while they still can in the face of a still-uncertain investment climate.
However, with XRP's fundamentals remaining strong and Ripple continuing to expand its business, it's only a matter of time before the altcoin rises again.
XRP's chart suggests that the coin is close to reaching the bottom of its recent falls, and should be close to rebounding again.
Most notably, XRP's relative strength index (purple) has declined all the way to 30, meaning that it is oversold relative to its movements over the past few weeks.
This signals an incoming rally, as does the fact that the coin's 30-day moving average (yellow) is very close to falling below its 200-day average (blue), at which point a corrective movement upwards would be due.
Still, there's a real possibility that XRP could fall a little further before it begins to recover, with its support level (green) having declined fairly consistently since the coin's spike back in the middle of July.
As such, traders shouldn't be especially surprised if XRP drops below $0.65 before recovering, although it's probably unlikely that it declines all the way below $0.60.
And after it bottoms out, fundamentals continue to suggest that XRP should resume rising pretty steadily, following Ripple's landmark ruling in July in its case
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