XRP Price Prediction as XRP Eyes Fresh Rise from $0.600 Support – A New Rally Ahead?

cryptonews.com:

The XRP price has dipped by 0.5% in the past 24 hours, with the coin slipping to $0.620612 after the cryptocurrency market suffered some heavy losses yesterday.

XRP is now up by 1% in the past week and by 3% in the past fortnight, yet it remains down by 7% in the last 30 days, after a spike over the weekend transformed into a sell-off yesterday.

Nonetheless, the altcoin has actually risen by 64% in the last 12 months, a clear sign of its rejuvenation this year in the wake of Ripple scoring significant victories in its case with the SEC.

And with the wider market set to enjoy a bull rally from early 2024 onwards, XRP could easily rise beyond the $0.60 support level soon enough.

XRP’s chart shows that the token is in a position where it’s more or less equally possible for it to go one of two ways.

For instance, its relative strength index (purple) is just below 50, and while it stopped falling further in the past few hours, it’s currently not strong enough for anyone to confidently conclude that a recovery is incoming in the next few days.

XRP’s 30-day average (yellow) is also showing signs of fatigue, in that its curve has flattened out, implying that it may be about to begin a descent towards its 200-day average (blue).

This would imply that the altcoin is at the start of bearish phase, although its support level (green) has so far done a good job of preventing any decisive falls below $0.60 in the past few weeks.