- Analyst EGRAG Crypto predicted in a tweet that XRP’s price may soon blast off.
- CoinMarketCap indicated that XRP was changing hands at $0.5074 following a 13% 24-hour loss.
- Technical indicators suggested that XRP’s price may drop in the next few days as momentum has shifted in favor of bears.
Ripple (XRP) is set to experience a massive “blast-off” soon, according to a Twitter post shared by cryptocurrency trader and analyst EGRAG Crypto. Although things seem a bit dire in the market at the moment, many of the comments on the post agreed with the analyst.
Despite the fact that there are still many people who believe in XRP’s potential in the short-term, there are also those who believe the remittance token will have to face further losses of up to 50% before it will start moving up again. This is a result of the current outlook for XRP, which is rather bleak.
At press time, the cryptocurrency found itself among the top cryptocurrencies most severely impacted by the market crash over the past 24 hours. According to data from CoinMarketCap, the altcoin experienced a significant decline of over 13% within the last 24 hours, leading to its trading value settling at $0.5074.
This decrease in XRP’s price coincided with a substantial surge of over 110% in its trading volume. As a result, the altcoin’s intraday volume reached approximately $3.08 billion at press time. Furthermore, XRP’s struggle throughout the preceding day also extended its negative weekly performance to -19.33%, placing it deeper in the realm of losses.
The symmetrical triangle chart pattern that was observable on XRP’s daily chart unfolded in the past 48 hours. As a result of this, the cryptocurrency experienced a decline that led it to breach multiple critical support levels within this timeframe.
XRP’s value initially lost the backing of $0.5890 on Wednesday. However, it was yesterday that the value of the alternative coin succumbed to a substantial downward movement of over 14%. The surge in selling activity that manifested on XRP’s daily chart forced its value beneath the support marks at $0.5380 and $0.4715.
Sellers attempted a similar maneuver with the subsequent pivotal support level at $0.4090, yet bulls managed to protect this threshold. This defense enabled a modest recovery in XRP’s value, lifting it back above $0.4715, where it continued to trade at press time.
Traders and investors should make a note of the recent crossing of the 20-day EMA line below the 50-day EMA line. This development implies that the medium-term momentum has tilted in favor of bears, suggesting the possibility of further price decline for the altcoin in the upcoming week.
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