Sign Up on MEXCXRP Price Prediction: With Dumping In Full Force, Is This the Dip to Buy Before ETF Approval?
Crypto markets bled red across the board this week, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) leading the charge lower. Altcoins weren’t immune, with varying degrees of weakness. XRP price, for instance, dipped 1.6% in the past 24 hours, bringing its weekly drawdown to 10%.
Currently trading at $0.57 on Friday, the remittance token sits within a deteriorating market structure, increasing the likelihood of further price declines heading into the weekend.
Recommended for you: Crypto Price Prediction For January 5: TIA, SOL, KAS
XRP Price Prediction As Triangle Breakout Bites
Yet to find relief following the spot Bitcoin exchange-traded fund (ETF) jitters, XRP price holds below the crucial $0.6 level and trading at $0.57. The Moving Average Convergence Divergence (MACD) indicator reveals a weakening technical structure, backed by a sell signal.
Traders are likely to consider shorting XRP as long as the MACD line in blue is holding below the signal line in red. Moreover, the momentum indicator must stay in a downward position below the neutral area to confirm the bearish thesis.
XRP is almost or highly oversold based on the Relative Strength Index (RSI) and other oscillators. At 32, a recovery is possible in the short term. However, this does not rule out further retreat, especially if support at $0.57 fails to hold.
The impact of a symmetrical triangle breakout, which saw XRP flash drop to $0.5 is another force to be reckoned with. Therefore, the lack of solid support could lead to additional declines, likely to weigh down the buyer congestion at $0.5.
As the crypto market breathlessly awaits the approval of the first spot Bitcoin ETFs in the US, XRP might jump on the bandwagon and steady its movement to the upside.
A break above $0.6 would signal an incoming stronger bullish trend, with all eyes glued on the coveted $1. Traders will consider increasing exposure to long entries as long as and XRP price reclaims S/R at $0.6.
Other key milestones that will validate the uptrend may include recovery above the 20 Exponential Moving Average (EMA) (in blue), the 50 EMA (in red), and the 200 EMA (in purple).
Related Articles
- Crypto Price Prediction January 4: BTC, APT, BEAM
- XRP Price Prediction: From Lawsuit to Launchpad, Can XRP Takeoff In 2024?
- Bitcoin Price Steady As Spot ETF Ignites Fresh Buzz, Climb to $50k Imminent or Brace for a Tumble?
- REX-Osprey XRP ETF Debuts With Record $37.7M Volume as Analyst Projects Bullish Run
- MetaMask Token to Launch Sooner After mUSD Stablecoin: Consensys CEO Joe Lubin
- Grayscale’s XRP, SOL, ADA Fund To Begin Trading Tomorrow Following SEC’s Greenlight
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
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.
