XRP Price May Plunge Close to Strong Support Levels
XRP was believed to regain the bullish momentum despite a series of plunges in recent times. But it appears that the bears have turn out to be more powerful than the bulls. And hence price may drop to the previous levels.
One of the analysts, Alanmasters has predicted that XRP price may even visit levels below $0.5 to touch $0.45.
According to the chart posted by the analysts, the XRP price’s EMA (Exponential Moving Average) has slipped below 10. Additionally, all the other indicators like RSI, MACD, etc also point out towards a bearish divergence.
He also said that, if XRP price has to rebound, a strong push is need of the hour to break out the bearish channel developed in the chart. Also, many other analysts also believe the price may rebound to the deserved levels of $10 or more.
XRP Price Analysis
XRP price in the last 24 hours, started with a correction phase that pulled the price from $0.6157 to $0.5935. Later the price bounced back to touch $0.6106 and crashed back to $0.5757 and continued the downtrend till the press time.
The RSI indicator has plunged to the lowest levels below 20 and the Moving average also points out to a bearish trend. Considering the technicals, the price is may dip below $0.5 and rebound back, giving yet another buying opportunity at the dip.
The price at the time of writing stands at $0.5516 with a drop of 8.96 percent in the last 24 hours. As mentioned the technical indicators indicate a further drop but the market sentiments are pretty bullish. Also, the Spark airdrop may add to the bullish sentiments
The resistance levels at $0.59 need to be visited to keep the positive momentum in the right path. Else the price may slide down to the support levels at $0.48 or below.