Ripple Price Prediction: XRP Climbs 1% – Is This a New Rally Beginning?

cryptonews.com:

The XRP price has climbed back above the all-important $0.50 level today, with its rise to $0.501776 representing a 1.5% gain in 24 hours and a 6% increase in the past fortnight.

Despite these increases, XRP remains down by 5% in a month, although the altcoin sits on a 47.5% gain since the beginning of the year.

This gain has resulted from the fact that Ripple secured a largely positive outcome in its long-running case with the SEC, with the presiding judge essentially finding that XRP is not, in itself, a security.

As such, XRP can expect to return to growth once overall market conditions become more favorable.

There's little doubt that XRP is due a new rally, with the coin having been oversold for a couple of months now.

Indeed, XRP's relative strength index (purple) remains below 50, and has actually hovered around (or below) the 30 level since the middle of August.

This indicates heavy overselling, and it now seems that XRP may be on the brink of a rebound, given that its 30-day moving average (yellow) has fallen below its 200-day average (blue).

Such a fall can indicate further drops, yet it can also indicate the bottom of a selloff, with XRP now looking like it's in a position to recover.

This view is backed up by the coin's support level (green), whch has been rising over the past couple of weeks, meaning that the previous downturn has indeed bottomed.

Having said that, the market remains in a precarious position, with investor sentiment being dampened by a mix of US government shutdown fears and macroeconomic issues (e.g. China's slowdown, still-high interest rates).

For this reason, investors may still be inclined to sell, with the above tweet making it clear that large transfers are still being made to exchanges,