Price Analysis

XRP Price Forecast: Here’s What To Do As XRP Nosedives

XRP Price Forecast: After bravely facing the sell-off since last week, XRP is back above $0.5. A daily close above this level could call more buyers into the market, betting on a breakout to $1.
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XRP Price Forecast: Here’s What To Do As XRP Nosedives

Highlights

  • XRP trading volume surges by 36%, indicating heightened market activity.
  • A whale offloads 31 million XRP to exchanges, raising bearish concerns
  • Mixed technical indicators suggest potential consolidation or volatility ahead.

XRP price forecast: The crypto market sustained last week’s bearish outlook on Monday and early Tuesday, with XRP retesting support at $0.5. Although the downtrend started with Bitcoin reacting to the hawkish stance of the Fed following the FOMC meeting on Wednesday, altcoins bore the brunt of the sell-off with some correcting as much as 30%. XRP price banks on support at $0.5 to strengthen the uptrend make way for the next run to $1.

The market capitalization of XRP has also surged, currently standing at approximately $27.65 billion, ranking it seventh in terms of market cap. The 24-hour trading volume has shown a positive trend, surging by 36% at $1.17 billion, suggesting active trading despite the market volatility.

Bitcoin on the other hand moves sideways above support at $65,000 after a gruesome week characterised by key events like the CPI report and the FOMC meeting. Losing this support could trigger more losses while defending will strengthen for a breakout to $70,000.

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XRP Price Forecast: Is a Bullish Momentum on the Horizon?

XRP price has decreased by 5% over the past month, fluctuating between $0.54 and $0.46. This tight trading range underscores the current struggle for market dominance.

XRP Price Forecast

XRP has shown a modest 0.15% dip in the past week, reflecting a gradual volatility trend with a slight market correction. This week, XRP has traded within a narrow range, highlighting the ongoing tug-of-war between bulls and bears. 

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XRP Whale Activity and Market Impact

A significant XRP whale has offloaded 31 million coins to a centralized exchange, coinciding with a recent price drop. This move has raised concerns among investors about the future of Ripple-backed cryptocurrency.

Large token dumps to exchanges are usually seen as bearish indicators. They increase the supply and can negatively affect prices. According to Whale Alert, an on-chain transaction tracking platform, a prominent XRP whale transferred 30.350 million XRP to two centralized exchanges within the past day.

This substantial transaction, valued at $14.53 million, was mainly directed to Bitstamp, a crypto exchange based in Luxembourg. This shift indicates heightened selling pressure. Such significant sales often trigger bearish sentiments among market participants, disrupting market stability and leading to increased volatility.

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Technical Indicators and Future Predictions

XRP has seen notable fluctuations, indicating potential volatility in the market. XRP could surpass the $0.5 resistance level if the bullish momentum continues. Sustained upward movement may drive the price towards $0.7, possibly reaching $1 during the next bullish run.

On the other hand, if bearish sentiment prevails, XRP’s value could stabilize around $0.49. A further decline might see the price drop to $0.45, highlighting the cryptocurrency market’s unpredictable nature.

The daily technical indicators for XRP show mixed signals. The Moving Average Convergence Divergence (MACD) shows a bearish signal, with the MACD line slightly below the signal line. 

XRP Price Forecast| Source: Tradingview

The Relative Strength Index (RSI) is currently at 47, indicating a balance between buying and selling pressure. The Bollinger Bands on the daily chart demonstrate a notable pattern of volatility. The upper Bollinger Band is currently at $0.5369, while the lower Bollinger Band is around $0.47.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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