XRP Price Prediction as XRP Falls 20% From Recent Highs – Watch These Key Support Levels
After fake news that BlackRock was planning to set up an XRP (XRP) spot ETF earlier in the week sent the XRP price as high as $0.75, its highest level since July, the price has been under pressure, with XRP on Thursday falling back to the south of its 21DMA and towards the $0.60 level.
Indeed, XRP is now down close to 20% from its recent highs, with crypto markets are broadly under pressure on Thursday amid profit-taking following the strong performance of recent weeks.
Despite this, trader continue to look for opportunities to buy the dip, with many assuming that the crypto market’s medium-term outlook is likely to remain positive.
XRP bulls waiting to secure their tokens for a bargain price will be hunting for potential good entry points as XRP nears $0.60 once again.
One notable level is the early 2022 highs at $0.5850.
There are then plenty of key support levels (recent highs) between $0.5650 and $0.54, including the 50, 100 and 200DMAs.
It wouldn’t be surprising if XRP bounced from a retest of these levels.
Not only are their major tailwinds right now for the broader cryptocurrency market coming from optimism about spot Bitcoin and Ethereum ETFs being approved in the US next year, spurring institutional adoption of crypto assets, but macro is increasingly becoming a tailwind as US stocks pump and the US dollar and US bond yields dump on increasing bets the Fed’s interest rate hiking cycle is done.
Meanwhile, XRP’s issuer Ripple Labs continues to maintain wining momentum in its lawsuit versus the US Securities and Exchange Commission (SEC), who accused them of issuing XRP as an unregistered security.
Assuming Ripple Labs does secure an outright legal win versus the SEC, this should clear the way for greater global adoption
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