Is It Too Late to Buy XRP? Crypto Experts Give Their XRP Predictions
The XRP price has dropped by 2.5% in the past 24 hours, amid a 1.5% drop for the cryptocurrency market as a whole. At $0.380865, it's also 1% down in the past week and by 7.5% in the last 14 days, while remaining up by a modest 1% in the past month.
XRP's movements are largely a reaction to the Federal Reserve hiking its base rate by another 0.5% yesterday, while its movements in the past few weeks have come in the context of various mixed signals, from positive developments in Ripple's case with the SEC to Coinbase Wallet dropping support for the altcoin. However, despite its recent mixed fortunes, numerous analysts are predicting that it's due a significant rise in the not-too distant future.
Based on its relative strength index (RSI) and moving averages, XRP could really go anywhere at the present moment in time. Its RSI (in purple below) has dripped to 45 in the past few hours, signalling a lack of momentum, while its 30-day moving average (red) is more or less level with its 200-day average (blue), again signalling the potential for movements in either direction.
While most technical aren't particularly eliminating as far as XRP is concerned right now, analysts have increasingly come out in the past few days in support of the idea that the altcoin is due a breakout very soon.
There are no fundamental reasons given for such a possible rally, yet some hopeful XRP holders have begun speculating that the Ripple will reach a settlement with the SEC in the next few days.
This is based much more on hope than hard evidence, yet one thing which is more secure is that bigger investors have been accumulating XRP in the past few weeks. This is bullish insofar as it suggests that whales expect the altcoin to rally sooner or later.
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