Altcoins
XRP Price Will Drop to $0.50 Soon, Should You Buy the Dip?
With Bitcoin price stuck at $64,000, major altcoins are taking a hit this week as the broader market loses momentum. Against this backdrop, XRP’s price rally is quickly reversing for a 12% drop and heading towards psychological support at $0.50.
Will this bearish reversal amid a general market downturn jeopardize the recent breakout rally for XRP HODLers? More importantly, will the uot trend continue to reach $1? For a longer-term forecast, check out our XRP Price Prediction.
The race to escape ends
XRP price, trading at $0.54, is revealing a rapid and intense correction phase from the $0.62 level. Moreover, the correction is putting a strain on the massive 50% rally that led to a bullish breakout from a falling wedge pattern.
The failure to reach the top of the falling wedge pattern reveals a sudden pullback for the altcoin and warns of a further correction. Moreover, XRP price is now struggling to find a solid weekly close as the rejection from the higher price slightly compromises the bullish dominance.
With a market cap of $30.74 billion, the XRP token has a 24-hour trading volume of $2.25 billion, which represents a decline of 42%. The lack of trading volume support during the pullback phase highlights a possibility of a bullish reversal.
Technical indicator:
MACD: With a positive crossover in both the MACD and signal lines, the XRP token maintains a positive outlook for the days ahead.
Will XRP Price Reach $1?
After pulling back from the $0.62 pivot, failing to sustain the bullish cycle, the increasing supply pressure is pushing down the market value of XRP. Moreover, with the second consecutive intraday candle, the XRP price is warning of a continued selling spree.
With the next support at $0.51 and the psychological demand level at $0.50, the bullish hope of a recovery finds a last resort. Moreover, a rebound in XRP could test the $0.62 and $0.72 peaks if the uptrend continues.
Conversely, a slide below $0.50 could retest $0.38.