XRP Price Prediction as Value Drops 7.5% in 7 Days – What’s Behind This Sharp Decline?

cryptonews.com:

The XRP price has recovered by 2% in the past 24 hours, rising to $0.624010 as the altcoin tries to recover from a 7% drop in a week.

Despite correcting downwards over the past fortnight, XRP remains up by 20% in the last 30 days and by an impressive 83% since the beginning of the year.

And given that the coin’s recent losses were more to do with profit-taking than anything else, it’s likely to rebound again soon enough, especially if the market enters and end-of-year rally.

XRP’s chart finds itself in a mixed, ambiguous position, with its indicators having cooled off over the past few days.

Its RSI (purple) is now hanging just above 50, a level which represents a slight rise since the weekend but is also just as consistent with incoming falls.

And while XRP’s 30-day average (yellow) remains substantially higher than its 200-day (blue), its recent ascent has flattened out, and again this could signal imminent losses.

One other noticeable change is that XRP’s support level (green) has lowered over the past week or so, after its price repeatedly fell through earlier floors.

It will therefore be instructive to see whether it can avoid a fall below the $0.610 level in the near future.

Such a fall may not happen, yet it still seems as though whales are likelier to sell  XRP than accumulate it right now.