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
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
