The XRP price has dropped by 2% in the past 24 hours, with its move to $0.613876 also representing a 6% drop in the past week.
Yet XRP remains up by 18.5% in the last 30 days and by 74% in the past year, with the market’s gradual recovery in 2023 – and positive outcomes in the Ripple-SEC case – helping to push the altcoin along.
The coin has also gained some extra publicity by association this week, after XRP supporters piggybacked on a widely viewed tweet from Elon Musk.
And with further market rallies likely as 2023 draws to a close, XRP could see further gains very soon.
Based on XRP’s technical indicators, it looks as though its early November rally has now died down, and that it may fall a little further before recovering again.
This is most evident in the coin’s RSI (purple), which has now flattened around 50, from where it could continue to sink before becoming oversold.
XRP’s 30-day moving average (yellow) also looks listless, in that it has stopped rising as strongly, suggesting that it might be about to come down again.
As for the altcoin’s 24-hour trading volume, it has risen slightly in the past week.
However, at only $1 billion, it’s still some way below the levels – at around $3 billion – it reached earlier in the month, when the market was performing more positively.
It’s also a negative that XRP’s support level (green) has fallen in recent days, unable to prevent drops to lower levels.
As such, cautious traders may be inclined to think that the coin is liable to drop closer to $0.60 before things pick up again.Read more on cryptonews.com