In the past 24 hours, the XRP price has dipped by 5% launching it down to $0.776800. This downturn comes as no surprise amidst a 1% industry-wide drop. Despite recovering somewhat after an encouraging verdict in Ripple’s case against the SEC last week, XRP’s momentum seemingly decelerates with an increase of only 0.5% for the week. Nonetheless, it’s worth noting that the digital currency is still up by a hefty 67% over the past 14 days, blossoming by 125% since the beginning of 2022.
Some foresee today’s downturn as the pause, potentially a sign of the end of XRP’s post-ruling surge, at least momentarily. However, the anticipated prospects of this digital currency remain steeped in optimism. Anticipation is high for more gains, perhaps in the coming weeks and months. The appreciable data from XRP’s chart hints towards further recession preceding its anticipated comeback, as its markers reveal burgeoning signs of frailty.
When we delve deeper into the analysis, XRP’s relative strength index has unwound to 50 and seems to be set on a continued decline, suggesting that the digital currency’s price may not halt its descent until reaching a low of 30. Similarly, XRP’s 30-day moving average has ceased its steep ascent and appears primed to descend towards its 200-day average. Only time will show if XRP’s support level can endure any drop beyond $0.0770 without succumbing.
Nonetheless, amidst the perceived risk, plausible recovery of XRP appears more imminent than late. Propelling it forward is last week’s momentum, which seems robust enough to safeguard its overall medium-term gains. Judge Analisa Torres’ verdict in last week’s Ripple-SEC saga remains relatively favourable for XRP. The confirmation that sales of XRP on exchanges did not violate securities law has not wavered, leaving most threats of appeal from the SEC as distant and improbable.
With novices entering the fray, it is speculated that the 5% dip will help cool off the XRP market temporarily. This cooling period facilitates price correction leading to a potential surge in the coming months. Predictions are already pointing to a rebound to $0.80 within weeks and possibly further to $0.90 or even $1 within a few months.
However, certain traders eager to see XRP break the $0.90 or $1 barrier may turn their attention to new and promising altcoins in the pipeline. One such promising pre-sale coin is Evil Pepe (EVILPEPE), an ERC-20 meme token which has already garnered over $180,000 shortly after its launch a couple of days ago.
This shiny new token, offering a substantial supply of 6.66 billion EVILPEPE, presents itself as potentially attractive to traders. Particularly as meme coins have caught the attention of the crypto community recently. Those interested can join the sale via the official Evil Pepe website and connect their crypto wallets to purchase tokens using either USDT, ETH or fiat currency.
Remember to tread with caution as crypto is a high-risk asset class and always ensure your decisions are well-informed. Happy trading!
Source: Cryptonews
