XRP Price Prediction as Market Sell-Off Sends XRP Back to $0.50 Zone – Here are Key Levels to Watch Now
The XRP price has dropped by 1.5% in the past 24 hours, with its slip to $0.520082 coming after a selloff over the weekend that saw the altcoin plunge as low as $0.476220 at one point.
XRP's rebond back to its current price suggests that $0.50 is a key support level for the altcoin, which is also down by 16% in the past week and and by 32% in the last 30 days.
Such slides have been caused by mid-July's euphoria (when Ripple secured a positive ruling in its case with the SEC) descending into a widespread mood of fear and uncertainty, with the cryptocurrency market being undermined by negative macroeconomics (particularly from China) and pessimism regarding Bitcoin ETFs.
However, with XRP remaining up by 52% since the beginning of the year, and with Ripple's business continuing to expand, XRP could easily recover in the next few weeks.
If there's a positive to be taken from the weekend's downturn, it's that XRP is now oversold and due to rebound healthily.
The coin's relative strength index (purple) dipped below 30 at the end of the last week, and has now just about begun recovering, suggesting a slight increase in momentum.
It's hard to say whether XRP's recovery will begin in the next one or two days, since the coin's 30-day moving average (yellow) has yet to fall below its 200-day average, implying that it hasn't quite hit the bottom of its slide.
On the other hand, the medium-term support level (green) indicates that XRP isn't going to fall below $0.50, at least not for very long.
And given that XRP has already bounced up from the $0.47 level, it may be safe to say that now is a good time to buy the cryptocurrency, since it remains cheap relative to its 'real' value.
As noted above, the coin's slide didn't really have anything
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