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Will XRP Reach $1 Again? – Crypto News

Published

1 year ago

April 29, 2024

Dripp

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.