Can XRP’s Surge Make Millionaires in 2024? XRP Price Analysis
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The XRP price has dropped by 4.5% in the past 24 hours, with its fall to $0.6003 coming as the crypto market loses 5% today.
XRP remains up by 2% in a week and by 9% in a month, with the alt also holding on to a 15% increase in a year.
However, it seems that the market is correcting after the period of growth that followed the Fed’s rate cuts last month, with buyers also spooked by escalation in the Middle East.
Yet after this correction plays out, the XRP price is still on course to make a comeback, enjoying a solid end to the year.
The positives to take from today is that XRP’s indicators suggest it should correct upwards very soon.
Its 30-period moving average (orange) has just dropped below its 200-period average (orange), signalling a period of negativity.
Yet such a ‘death cross’ is a prelude to XRP’s fall bottoming out, with the resulting discount likely to entice buyers back to its market.
We something similar with XRP’s relative strength index (purple), which dropped to an oversold 30 this morning and is still struggling to make it back towards 50.
The longer this goes the more likely it is that the XRP price stages a recovery, with its 24-hour trading volume remaining high at $3 billion.
Such a volume should be taken as encouragement, insofar as it suggests ongoing demand for XRP.
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