Is XRP Gearing Up For A Reversal After Drop Below $0.53?
Ripple’s XRP is in the red currently and has extended lower than the $0.53 mark. It seems like XRP’s declines wouldn’t come to a stop, however, analyst predictions suggest otherwise. A popular analyst has predicted that the XRP price is poised to rebound in the short term though it has lost over 14% in the past 30 days itself.
When will the XRP price rebound?
Ali Martinez, a crypto analyst on X, noted that the XRP price chart is showing signs of a rebound lately. In a recent post on X, the analyst first stated that the TD Sequential indicator has proven accurate in predicting XRP’s movements on the 3-day chart. In addition, he mentioned that the 3-day chart is suggesting a ‘buy’ signal.
Furthermore, Martinez noted that the chart indicated that XRP could be “gearing up for a rebound.” However, the rebound could be short-lived, according to analysis provided by Martinez earlier. In a post dated January 18, the analyst suggested if XRP failed to hold the crucial support at $0.55, a massive sell-off scenario could follow.
Thereafter, XRP not only extended below $0.55 but also fell lower than $0.53, distancing from the crucial support. According to Martinez’s prediction, the impending sell-off could trigger an XRP price slump to $0.34, hinting at a 35% plunge compared to today’s value. Hence, despite the possibility of a rebound, Ripple‘s XRP is expected to lose further value in the long term.
Also Read: XRP Price Nearing Historical Accumulation Zone with Eyes on $0.75 Target
XRP price descends past $0.53
XRP has lost nearly 8% in the last seven days and slumped over 2% today. As of writing, the XRP price declined by 2.21% to $0.5271 on Tuesday, January 22. In addition, the crypto’s market capitalization slumped by 2.38% to $28.63 billion.
On the contrary, its trade volume soared 80.59% to $1.10 billion in the past 24 hours. During the day, XRP inched closer to declining below $0.52 as well and recorded a low of $0.5219, however, it rebounded significantly after that despite remaining in the red.
Whilst, the moving averages meter for XRP on TradingView indicates a ‘Strong Sell’ move. XRP is trading substantially lower than the 50-day and 100-day EMA of 0.58694 and 0.58818, respectively, suggesting a long-term bearish trend.
Also Read: XRP Campaign by Gemini Fuels Speculation of Major Development
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