XRP Price Prediction as Bears Push XRP Below $0.50 Support – Time to Buy the Dip?

cryptonews.com:

The XRP price has declined by 0.5% in the past 24 hours, with its drop to $0.497880 coming as the wider cryptocurrency market continues to weather largely negative sentiment.

XRP is now down by 5% in a week and by 19% in the last 30 days, with the altcoin still up by 46% since the beginning of the year.

This increase had been driven by the largely positive ruling Ripple saw in its case with the SEC, but with macroeconomic concerns and Bitcoin ETF delays depressing the mood since the middle of July, XRP and most other major cryptocurrencies have taken something of a battering since.

But with XRP now falling below its $0.50 support level, its oversold condition may put it in a prime position for a rebound.

XRP has now lost pretty much all of its post-ruling gains, although the token's indicator now suggest that it's so oversold it more or less has to recover in the not-too distant future.

Its relative strength index (purple) dipped below 30 in the middle of August and has remained close to this level ever since, meaning that it continues to be undervalued by the market and overdue a rally.

Having said that, XRP's 30-day moving average (yellow) hasn't yet fallen below its 200-day average (blue), so the coin may fall a little further before beginning to recover.

This view is supported by the token's support level (green), which has declined over the past few weeks and may therefore see a few more dips en route to recovery.

Despite XRP's negative situation right now, its fundamental picture remains as positive as ever.

Yes, the SEC did apply to file an interlocutory appeal last month, yet this application hasn't been granted, with Ripple filing an opposition which argues that the regulator hasn't met the requirements for such an