XRP Price Prediction as Bulls Defend $0.51 Level – Time to Buy the Dip?
The XRP price has declined by nearly 3% in the past 24 hours, with its drop to $0.510528 also marking 27% decline in the last 30 days.
XRP's losses have come amid a difficult time for the cryptocurrency market, which has declined by 11% in the past month, following negativity caused by macroeconomic fears and concerns over recent Bitcoin ETF applications.
However, XRP remains up by 50% since the beginning of the year as a result of Ripple's partial win in its case with the SEC, while the fact that the coin has defended its $0.51 support level implies that it may have bottomed.
As such, XRP can be expected to recover a little very soon, with its long-term picture remaining very positive.
XRP is very close to bottoming out, although it's possible that it may need a little time before it can begin recovering in a sustained way.
On the one hand, its relative strength index (purple) remains at around 30, signalling that the altcoin is oversold and in need of correction upwards.
On the other hand, its 30-day moving average (yellow) has yet to fall decisively below its 200-day average (blue), a move which tends to confirm that an asset has truly hit the bottom of a downturn.
Having said that, the fact that XRP's support level (green) has stuck firmly to $0.51 would suggest that the coin is unlikely to fall much further before its fortunes change for the better.
In terms of why XRP has fallen more than certain other cryptocurrencies in the past few weeks, this is largely because it had risen much more than most other coins, with buyers who jumped on the token following Ripple's partial victory in July also selling quickly in order to cut their losses.
However, XRP's fundamental position remains as positive as it was in mid-July, with
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