Cryptocurrency

<img width="1200" height="630" src="https://coingape.com/wp-content/uploads/2024/01/XRP-price-prediction-e1706109358794.png" class="attachment-full size-full wp-post-image" alt="XRP price prediction" decoding="async" style="float:right; margin:0 0 10px 10px;">
XRP price prediction: XRP price has recently encountered a significant downturn, marking a 15% fall from its earlier peak. Currently, the<a href="https://coingape.com/price/xrp/"> XRP price</a> stands at $0.51, having gained 2.18% at this value in the past 24 hours. This minor setback occurs amidst a market that seems to be leaning towards a bullish phase. 
<figure id="attachment_176486" aria-describedby="caption-attachment-176486" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2024/01/XRP-price-prediction-e1706109358794.png"></a>
 <figcaption id="caption-attachment-176486" class="wp-caption-text">
 XRP price prediction
 </figcaption>
</figure> 
The recent decline in <a href="https://coingape.com/markets/xrp-price-nearing-accumulation-with-eyes-0-75/">XRP value</a> has raised concerns among its investors. Although there’s a hint of a slowdown in the short term, the reduced trading volume casts doubt on the trend’s longevity. XRP holds a market capitalization of approximately $27 billion. This figure places it as the sixth largest cryptocurrency, as per CoinMarketCap data. Its 24-hour trading volume has plunged by over 22%, now at $1.07 billion. 
<h2 id="strong-xrp-price-prediction-navigating-the-recent-market-downturn-strong">XRP Price Prediction: Navigating the Recent Market Downturn</h2> 
In the last week, bearish tendencies have overshadowed bullish movements in XRP’s market. The cryptocurrency has witnessed a 9% drop in the past week and a 12% decline over the month, signaling a downward trajectory. The trading range for XRP has been constricted, fluctuating between $0.50 and a weekly high of $0.65. Despite this downtrend, many market analysts and investors keep an optimistic outlook for the short-term future of XRP. 
Cryptocurrency analyst JD, known for his accurate predictions in the digital currency sphere, recently shared valuable insights about XRP’s price trends on the X platform, the successor to Twitter. JD’s analysis delves into the potential for further price drops while also projecting the future path of XRP. He suggests XRP may exhibit a hidden bullish divergence on the weekly chart. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> ran some good liquidity below $80 
 Reclaiming ML —&gt; looking for a bounce back up towards $100 next <a href="https://t.co/FnYREUM1Rb">pic.twitter.com/FnYREUM1Rb</a> 
 — Johnny (@CryptoGodJohn) <a href="https://twitter.com/CryptoGodJohn/status/1749940318986805414?ref_src=twsrc%5Etfw">January 23, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Analyzing the weekly trends, JD observed that XRP has been trapped in a symmetrical triangle pattern since 2021. His charts indicate that the cryptocurrency is nearing the lower boundary of this triangle. JD also pinpointed crucial price levels for his Dollar-Cost Averaging (DCA) strategy. These levels are $0.45, $0.51, and $0.59. Such a strategy reflects JD’s belief in XRP’s long-term growth potential. 
If the crucial $0.47 support level for XRP falters, a potential decline to a consolidation range of $0.42 to $0.43 before stability is regained will materialize. The significance of the $0.47 mark is still viable as portrayed by market watchers, with its historical role leading to a rebound if it holds strong. Conversely, a break below this level could further affect the <a href="https://coingape.com/is-xrp-gearing-up-for-a-reversal-after-drop-below-0-53/">price of XRP</a>. On a more optimistic note, a resurgence in bullish momentum could propel XRP toward the resistance levels of $0.6, $0.7, and $0.8 in the short term. 
Recent daily chart technical analysis suggests an upcoming bullish trend despite the current minor downward movement. Indicators such as moving averages and oscillators show a neutral stance, reflecting market indecision.&nbsp; 
<figure id="attachment_176485" aria-describedby="caption-attachment-176485" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-24_18-12-09.png"><img decoding="async" class="size-full wp-image-176485" src="https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-24_18-12-09.png" alt="XRP price prediction" width="1149" height="652" srcset="https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-24_18-12-09.png 1149w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-24_18-12-09-300x170.png 300w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-24_18-12-09-768x436.png 768w, https://coingape.com/wp-content/uploads/2024/01/XRPUSD_2024-01-24_18-12-09-150x85.png 150w" sizes="(max-width: 1149px) 100vw, 1149px"></a>
 <figcaption id="caption-attachment-176485" class="wp-caption-text">
 XRP price chart: <a rel="nofollow" href="https://www.tradingview.com/x/1UcNtVa0/">Tradingview</a>
 </figcaption>
</figure> 
The Relative Strength Index is neutral at 30, bordering on a bearish trend, with any further decline potentially pushing XRP into an oversold state. The Average Directional Index is also promising 34, hinting at a bullish outcome. Alignments in the 20-EMA and 50-EMA also add to this positive forecast. 
​​Related Articles 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><a href="https://coingape.com/xrp-whale-offloads-26-mln-tokens-price-decline-to-continue/">XRP News: XRP Whale Offloads 26 Mln Tokens, Price Decline To Continue?</a></li> 
 <li style="font-weight: 400;" aria-level="1"><a href="https://coingape.com/xrp-campaign-by-gemini-fuels-speculation-of-major-development/">XRP Campaign by Gemini Fuels Speculation of Major Development</a></li> 
 <li style="font-weight: 400;" aria-level="1"><a href="https://coingape.com/xrp-lawsuit-sec-win-rippl-xrp-sales-discovery-requests/">XRP Lawsuit: US SEC May Win Against Ripple In XRP Sales Discovery Requests</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/xrp-price-prediction-backs-fresh-rebound-eyeing-1-with-0-5-support-holding-firmly/">XRP Price Prediction Backs Fresh Rebound Eyeing $1 With $0.5 Support Holding Firmly</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Price Prediction Backs Fresh Rebound Eyeing $1 With $0.5 Support Holding Firmly

Table of Contents

Coingape News Media

Other articles published on Jan 24, 2024

DOGE, SHIB, BONK and WIF Price Analysis for January 24

SEC postpones approval of BlackRock’s Ethereum ETF

Top Crypto Gainers Today on DEXTools – NYRO, TUCKER, MELON

Fresh Whales Accumulate Ethereum And Spend $2 Million to Buy This Altcoin

Crypto Firm Nexo Slams Bulgaria With $3 Billion Suit – Details

Are These AI Stocks Ready to Rip or Take a Back Seat?

Join our free newsletter for daily crypto updates!