Gemini

Reversal

Ripple’s XRP is in the red currently and has extended lower than the $0.53 mark. It seems like XRP’s declines wouldn’t come to a stop, however, analyst predictions suggest otherwise. A popular analyst has predicted that the <a href="https://coingape.com/xrp-whale-offloads-26-mln-tokens-price-decline-to-continue/" target="_blank" rel="noopener noreferrer nofollow">XRP</a> price is poised to rebound in the short term though it has lost over 14% in the past 30 days itself.
<h2 id="when-will-the-xrp-price-rebound">When will the XRP price rebound?</h2>
Ali Martinez, a crypto analyst on X, noted that the XRP price chart is showing signs of a rebound lately. In a recent post on X, the analyst first stated that the TD Sequential indicator has proven accurate in predicting XRP’s movements on the 3-day chart. In addition, he mentioned that the 3-day chart is suggesting a ‘buy’ signal.
Furthermore, Martinez noted that the chart indicated that XRP could be “gearing up for a rebound.” However, the rebound could be short-lived, according to analysis provided by Martinez earlier. In a post dated January 18, the analyst suggested if XRP failed to hold the crucial support at $0.55, a massive sell-off scenario could follow.
Thereafter, XRP not only extended below $0.55 but also fell lower than $0.53, distancing from the crucial support. According to Martinez’s prediction, the impending sell-off could trigger an XRP price slump to $0.34, hinting at a 35% plunge compared to today’s value. Hence, despite the possibility of a rebound, <a href="https://coingape.com/sec-vs-xrp-ripple-fights-back-against-secs-late-discovery-demands/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a>‘s XRP is expected to lose further value in the long term.
Also Read: <a href="https://coingape.com/markets/xrp-price-nearing-accumulation-with-eyes-0-75/" target="_blank" rel="noopener noreferrer nofollow">XRP Price Nearing Historical Accumulation Zone with Eyes on $0.75 Target</a>
<h2 id="xrp-price-descends-past-0-53">XRP price descends past $0.53</h2>
XRP has lost nearly 8% in the last seven days and slumped over 2% today. As of writing, the<a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener noreferrer nofollow"> XRP price</a> declined by 2.21% to $0.5271 on Tuesday, January 22. In addition, the crypto’s market capitalization slumped by 2.38% to $28.63 billion.
On the contrary, its trade volume soared 80.59% to $1.10 billion in the past 24 hours. During the day, XRP inched closer to declining below $0.52 as well and recorded a low of $0.5219, however, it rebounded significantly after that despite remaining in the red.
Whilst, the moving averages meter for XRP on <a rel="noopener noreferrer nofollow" href="https://in.tradingview.com/symbols/XRPUSD/technicals/" target="_blank">TradingView</a> indicates a ‘Strong Sell’ move. XRP is trading substantially lower than the 50-day and 100-day EMA of 0.58694 and 0.58818, respectively, suggesting a long-term bearish trend.
Also Read: <a href="https://coingape.com/xrp-campaign-by-gemini-fuels-speculation-of-major-development/amp/" target="_blank" rel="noopener noreferrer nofollow">XRP Campaign by Gemini Fuels Speculation of Major Development</a>
The post <a href="https://coingape.com/is-xrp-gearing-up-for-a-reversal-after-drop-below-0-53/" rel="noopener noreferrer nofollow">Is XRP Gearing Up For A Reversal After Drop Below $0.53?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Is XRP Gearing Up For A Reversal After Drop Below $0.53?

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