XRP Price Prediction as Bulls Hold $0.50 Level – Here's Where XRP is Headed Next
The XRP price has inched up by 0.2% in the past 24 hours, with its current level of $0.518577 representing a 13% decline in the last seven days.
XRP is also down by 27% in the past month, with the altcoin – which had outperformed the market in July – being disproportionately affected by a market-wide downturn caused by a combination of macroeconomic concerns (mostly related to the Chinese economy) and fears surrounding recent Bitcoin ETF applications.
But with the bull case for XRP remaining as strong as it has been since the Ripple ruling from the middle of July, the altcoin should pick up soon enough.
XRP's indicators make it clear that the coin is close to bottoming out, with its relative strength index (purple) still very low after having plunged to 25 over the weekend.
However, XRP may have to wait until its 30-day moving average (yellow) drops below its 200-day average (blue) before it can really turn a corner.
This may entail some further losses for the altcoin, although judging by its support level (green), any incoming losses may be very slight.
As we've written before, XRP's recent woes have very little to do with the cryptocurrency itself or with Ripple, with pretty much all major tokens falling heavily in the past couple of weeks.
XRP (and crypto) may therefore need the global economy to recover from its China-induced headache before it can see any price improvement, while an acceptance from the SEC of any recent Bitcoin ETF application would also provide a significant boost to levels.
Either way, XRP remains as bullish as it has been since the middle of July, when Judge Analisa Torres delivered her ruling in Ripple's case with the SEC.
In particular, Torres judged that Ripple's sales of XRP on exchanges didn't amount
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