Price Analysis

XRP Price Prediction As Cryptocurrencies Bleed: Will XRP Reach $1 Again?

XRP price prediction: XRP price ranges above $0.5 as a weak bullish signal keeps up the hope for gains to $0.75 and $1.

Published by

Published 29 Apr, 2024 | 04:29:15 PM UTC

Highlights

XRP price defends support at $0.5 despite the general bearish influence of a falling channel.
XRP remains a delicate investment as long as Ripple is battling the SEC in the lawsuit.
Losses below $0.5 cannot be ruled out ahead of May, especially with immense volatility in the crypto market.

The crypto market is precariously balancing in limbo — with most investors not knowing whether to sell now or wait for a breakout. As is the case with Bitcoin price, XRP price prediction shows that further losses are likely to occur this week.

On the other hand, investors see the setback in the trend from March highs at $0.75 to $0.51 as an opportunity to buy low before the post-Bitcoin halving bull run sets in.

XRP Price Prediction: Navigating The Bearish Technical Structure

In the wake of the recent high at $0.75, the International money remittance token, whose issuer is battling a longstanding lawsuit against the Securities and Exchange Commission (SEC), dropped within the confines of a falling trend channel.

The channel’s support currently limits XRP price movement below $0.5, although short-term support at $0.51 is still in place. All three moving averages — the known bull market indicators are above XRP, implying that sellers have more influence.

Based on the daily chart, the 20-day Exponential Moving Average (EMA) holds at $0.5343, the 50-day EMA at $0.5604, and the 200-day EMA at $0.5704. Two death cross patterns add credence to the bearish outlook, signaling an intense sell-off in the short term.

XRP price prediction chart | Tradingview

Traders should consider looking out for several key actions and price behavior. A rebound from the upper dotted support line above $0.5 would mean the bearish influence is easing and giving way to bullish control.

This outlook will strengthen with movement above the descending channel’s upper resistance. Conservative investors may wait until XRP confirms support above the channel before triggering buy orders.

The Moving Average Convergence Divergence (MACD) indicator dons a weak buy signal. If exploited and capitalized, it could pave the way for a larger rebound eyeing highs of $0.75 and subsequently $1.

On the contrary, it is too early to rule out losses below $0.5, especially with the larger crypto market mainly in the red. As the technical outlook stands, it is not viable to short XRP with the current market conditions. Unless movement is confirmed below $0.5, XRP would be considered to range with a bullish potential.

Further down below $0.5, it could make technical sense to bet to a decline to $0.4. Even so, losses below the channel would be a huge stretch. However, it’s never impossible with the crypto market’s volatility.

John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Published by

John Isige

Published 29 Apr, 2024 | 04:29:15 PM

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.