One of the alternative currencies to keep an eye on is XRP, whose price is seen to have a big potential for a dramatic climb.
Price Retracement of XRP and the Prospect of Investment Gain
While Ripple soared and hit the predetermined goals. The price of the remittance token has subsequently fallen, though, as investors have started to take profits. Investors who were previously on the sidelines now have the chance to get back into the market and build up their XRP holdings before the next bullish wave.
A substantial price decline of almost 68% occurred for XRP between March 28 and June 18, 2022, showing the severe bear market circumstances. Despite an effort at a rebound rally, XRP remained range-bound after falling to a low of $0.287, staying between $0.532 and $0.336.
On January 2, 2023, XRP had a further steep decrease and hit a bottom at $0.300 before recording an amazing 95% increase over the ensuing three months. This rally reached a local high of $0.585, however the token’s price thereafter declined.
Investors now have the chance to repurchase the cryptocurrency XRP while its value is falling. Repurchasing XRP is best done in the $0.422 to $0.500 range. In a hopeful scenario, XRP could be able to drive its price up to $0.930, the upper limit of the 68% loss range. For the Ripple Holder, this action would result in a 100% profit.
Market Price Performance of Ripple (XRP)
With a market value of $25,779,602,580 as of the time of publication, Ripple (XRP) is trading at $0.499478. XRP has outperformed the global cryptocurrency market, which is up by 3.80%, while facing a 3.14% price fall in the previous 24 hours. Over the last week, XRP has increased in price by 4.00%. This indicates a trend in the right direction for XRP because it beats other comparable cryptocurrencies that have been stationary.
XRP is the sixth-largest cryptocurrency by market capitalization due to its 52 billion token circulation supply. On the other hand, the cost of XRP is presently 85.32% less than the $3.40 all-time high that was set on January 7, 2018, or little over five years ago. However, compared to its all-time low of $0.00268621, which was reached on May 22, 2014, over nine years ago, the price of XRP today is 18,472.71% higher.
Despite the current price drop, the upward trend of XRP’s price over the past week points to possible future growth. Because of how unpredictable the cryptocurrency market is right now, investors should proceed with care.
Prediction of the XRP Price: XRP/USDT Technical Price Analysis
After a brief pullback call, the price of XRP returned to a positive rise, maintaining a strong bullish trend. Investors are becoming interested in XRP as its value has recently increased. The price has recovered and above the psychological barrier level of $0.50 after briefly trading in a support range between $0.56 and $0.50.
XRP is currently trading above both the 50-day and 200-day moving averages, demonstrating that the upward trend has persisted and market bulls remain in charge. The relative strength indicator, which now trades at 71 and is over the 50-level threshold, also exhibits a strong bullish trend. Analysts point out that a resistance level at $0.56, nevertheless, may prevent the price from reversing and returning to the prior support level.
Based on the previous study, the likelihood of additional price rises may be calculated by looking for critical resistances at $0.65 and $0.68, respectively.
