- According to Michael van de Poppe, XRP could be nearing an entry point with good potential soon.
- At press time, XRP was worth $0.6302 after its price rose by 0.22%.
- XRP’s price dropping below the 50-day EMA line on its daily chart could be followed by a price drop to $0.5663.
Ripple (XRP) could be nearing an entry point with good potential soon, according to a Twitter post shared by the renowned cryptocurrency trader and analyst Michael van de Poppe earlier today. In the post, the analyst predicted it might be a good idea to buy the remittance token when it hits a price of $0.5663.
Van de Poope also explained the reasoning behind his belief that XRP’s price could fall soon. According to him, the lack of interest in the market means that traders are a bit more conservative. As a result, corrections might be more significant for the time being.
The “heavy impulse” due to the news about Ripple beating the SEC in the infamous lawsuit also means that big holders could sell their holdings at any time. Meanwhile, CoinMarketCap indicated that XRP was one of the few top 10 cryptocurrencies that saw its price rise over the past day of trading.
At press time, XRP was worth $0.6302 after its price rose by 0.22% throughout the past 24 hours. However, XRP was still trading a bit closer to its daily low of $0.6259 compared to its 24-hour high of $0.6391. Despite the slight rise in the altcoin’s price, its weekly performance was still down by 4+%.
From a technical standpoint, XRP was resting on the 50-day EMA line at press time. Should it close today’s daily candle below this technical indicator, then it may be at risk of plummeting to the $0.5663 price point mentioned in van de Poppe’s tweet.
Investors and traders will also want to keep an eye on the 9-day EMA line, which was looking to cross below the 50-day EMA line. If these technical indicators cross, then the bearish thesis will be invalidated. On the other hand, if XRP is able to close a daily candle above $0.6715 within the next 72 hours, then it may look to rise to $0.7705.
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