XRP Price Prediction as Ripple Plunges 20% from Recent High – Is the Selling Now?
He XRP price has experienced a significant downturn, with the native Ripple cryptocurrency plummeting 20% from its recent peak.
At the time of writing, the live XRP price stands at $0.723937, reflecting the extent of the decline.
The recent rise in value, amounting to an impressive gain of approximately 100%, has come amid continued legal dispute between Ripple and the US Securities and Exchange Commission (SEC).
In a significant and historic ruling, a American judge declared that Ripple Labs Inc did not violate federal securities law when it sold its XRP token on public exchanges.
This legal victory has had a profound impact on the cryptocurrency industry, leading to a substantial increase in the value of XRP.
XRP Price Prediction
On the technical front, Ripple (XRP) is currently trading sideways around the $0.7185 level after failing to break above the $0.9522 level in recent days.
Following the positive news regarding the SEC vs. Ripple case, Ripple prices increased by more than 100%. However, such significant buying activity often leads to the overbought zone, indicating that bullish investors may consider taking profits.
In fact, Ripple prices entered the overbought zone, as evidenced by the Relative Strength Index (RSI) with a value of 96 and the Moving Average Convergence Divergence (MACD) indicator forming solid long histograms above. from zero.
The recent drop in XRP prices can be attributed to the expected bearish correction.
Notably, Ripple has already completed a 50% Fibonacci correction around the $0.7108 level, and the 61.8% retracement provides immediate support around the $0.6545 level.
Therefore, holding levels above $0.6545 could signal a continuation of the uptrend.
However, if XRP falls below the $0.6545 level, it has the potential to drop towards the $0.5752 level.
On the upside, immediate resistance levels can be found around $0.7698 or $0.8325.
In summary, it is crucial to monitor the $0.6545 level for potential buying opportunities, while bearish positions could be considered just below this level.
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Disclaimer: The Industry Talk section presents information from crypto industry players and is not part of the editorial content of Cryptonews.com.