XRP Price Prediction as $0.51 Level Consolidation Continues – When is the Next Move Up?

cryptonews.com:

The XRP price has failed to move in the past 24 hours, with this level also representing a 0% change in a week as the altcoin consolidates at $0.515658 today.

XRP is also down by 28% in the last 30 days, following a difficult few weeks for the altcoin and the wider market, which has been negatively affected by macroeconomic hangups and regulatory concerns.

But with XRP remaining in a strongly oversold position and with its volatility declining, a positive move upwards is becoming increasingly likely in the near future.

Based on an observation of its technical indicators, XRP is drawing close to the point at which it will have to rebound up.

The coin's relative strength index (purple) continues to flatline at around 30, meaning that it continues to be oversold and undervalued, and that now is a good time to buy it at a discount.

This low level comes as XRP's 30-day moving average (yellow) is plunging towards its 200-day average (blue), with a 'death cross' (when it does happen) likely to signal an incoming recovery.

It's likely that XRP won't fall much further after recent declines, not just because it has become exceedingly oversold, but also because its support level (green) has been holding up well in the past week or so.

Of course, previous declines since the middle of July were also preceded by minor and short-lived bounces, so it could be the case that XRP actually falls below $0.50 despite its apparent consolidation.

However, its RSI and averages strongly argue against further significant declines, implying that XRP should potentially rebound to $0.52 or a little higher in the next one or two weeks.

This optimism is supported by data which has shown that around 1 billion XRP has been taken off Bitavo in the past couple of