XRP Price Prediction as XRP Shoots Back Up Above $0.50 Support – Is the Sell-Off Over?

cryptonews.com:

The XRP price has risen by 0.5% in the past 24 hours, returning to the $0.501675 level on a day when the cryptocurrency market as a whole posts a 1% gain.

XRP is now flat in the past seven days but down by 21% in the past month, as recent market pressures (including Bitcoin ETF delays) have eaten into substantial gains made in the immediate aftermath of Ripple securing a partial victory against the SEC in mid-July.

However, XRP remains up by 47.5% since the beginning of 2023, which overall has been a year of recovery for the token.

And with XRP beginning to show renewed signs of momentum, its price could soon lock in further gains very soon.

XRP's little bump today comes with the coin's indicators remaining in a weakened position, signalling a period of overselling that should come to an end in the near future.

For instance, XRP's relative strength index (purple) has struggled to rise beyond the 30 level, where it has been since the middle of August in a symptom of excessive selling.

This would suggest that XRP's recent declines have probably bottomed out, although the coin's 30-day moving average (yellow) might suggest otherwise, given that it hasn't yet fallen decisively below its 200-day average (blue).

However, this may not need to happen before XRP enjoys some sustained gains, seeing as how the coin's price has fallen below the 200-day average, and seeing as how its support level (green) has begun rising a little after a long period of decline.

In other words, XRP is in a position where it should rebound strongly in the next few weeks, if not days.

Part of the reason why XRP has suffered in recent weeks is because of market-wide pressures, including the aforementioned Bitcoin ETF delays and also including macroeconomic