XRP Price Prediction as XRP Drops 3.4% in 24 Hours – Is $0.50 the Next Target?

cryptonews.com:

The XRP price has fallen by as much as 3.4% in the past 24 hours, with its drop to $0.615960 coming as the cryptocurrency market barely moves today.

XRP is now down by 12% in the last seven days but up by 31% in the past month, with the altcoin also having risen by 81% since the beginning of the year.

As strong as these gains, XRP is actually down by 27% since Ripple received a ruling in its case with the SEC, with the market's initial positivity becoming more negative recent weeks in response to Coinbase's unfolding case with the securities regulator.

Yet XRP remains in a strong position fundamentally, with Ripple announcing a few new partnerships in the past couple of weeks, highlighting how quickly it could grow over the coming months and years.

XRP is currently in bad shape in terms of its technical indicators, with its 30-day moving average (yellow) forming a 'death cross' with its 200-day average (blue) today, signalling the possibility of further big losses to come.

At the same time, XRP's relative strength index (purple) has dropped just below 30, indicating a substantial loss of momentum and a real push among traders to offload the token.

Things are made to look worse by XRP's support level (green), which has declined continuously since the altcoin's surge in mid-July.

This could mean that the cryptocurrency may be unable to defend against further losses in the near future, with a drop below $0.60 entirely conceivable at the moment.

However, given that XRP's RSI has dropped below 30, it's entirely arguable that it has bottomed out and that it should be in line to rebound again soon.

Part of the reason why XRP has suffered in the past couple of weeks is that, despite Ripple's partial victory against the SEC in July,