XRP Price Prediction as XRP Drops Below $0.60 Support – Time to Buy the Dip?

cryptonews.com:

The XRP price has sunk by 9% in the past 24 hours, falling below the all-important $0.60 support level after a bad day for the cryptocurrency market yesterday.

At $0.576124, the altcoin has lost 10% in a week and 6% in the last 30 days, although it does remain up by 64% in the past year.

And given how much the market has undervalued XRP since Ripple effectively won its case against the SEC last summer, it’s arguable that the coin has the potential to recover and rally strongly if 2024 brings a bull market.

XRP’s chart doesn’t look particularly great at the moment, with its relative strength index (purple) falling below 40 after several weeks of languishing around the 50 level.

This would indicate that the altcoin has really struggled to gain any kind of concerted momentum in the past couple of months, and that it may even sink even further before returning to growth.

Indeed, its 30-day average (yellow) has begun slipping towards its 200-day average (blue), a sign that the coin is losing momentum and that more losses may be forthcoming.

XRP’s drop below $0.60 is another worry indicator that it could fall further in the near term, with the loss of this support potentially causing more holders to exit their positions.

On the other hand, more positive traders may argue that yesterday’s dip has made XRP more attractive to newcomers, and that the coin could bounce quickly from its losses.

There’s currently no real sign of this, yet if the SEC does end up approving several Bitcoin ETFs – as many continue to believe – then the market as a whole will rally strongly, with XRP joining for the ride.

And while XRP has underperformed noticeably in recent weeks, it may be that the market is waiting for the Ripple-SEC to reach its full and