Here’s what you need to know about Ripple (XRP) this week

TL;DR

XRP fell to $0.48 and recovered to almost $0.50. Analysts predict possible concentrations of $1.50 and $6.50 to $7.50. Some are anticipating near-term declines due to upcoming US CPI data, but expect long-term gains. The RSI metric suggests a possible rebound. XRP’s next possible move

Ripple’s XRP has been quite volatile in recent weeks, with its price down 6% on a 14-day scale. The asset was significantly affected by the latest market correction, falling as low as $0.48 on June 7. It regained some lost ground in the following days and is currently trading at nearly $0.50 (according to CoinGecko data).

However, the negative trend has not stopped bullish analysts from speculating that XRP is on the verge of a substantial price increase. User X EGRAG CRYPTO believes the asset will break a specific pattern depicted as “the white triangle” and rise to $1.50.

Further ahead, XRP could jump to $6.50-$7.50 if it breaks above the 1.618 Fib zone. According to the trader, this is when many investors will start making profits.

Matthew Dixon also chimed in, arguing that XRP is “still reeling in correction form and may lower in the short term before a powerful spring higher is forecast.”

He believes that a possible high US CPI data later this week could cause the token price to fall. However, holders “will likely be rewarded when interest rates” eventually start to decline, Dixon added.

The US Bureau of Labor Statistics will release the latest consumer price index on June 12. The meeting of the Federal Open Market Committee (FOMC), which decides whether interest rates in the United States should be raised, lowered or kept at the same level. (currently 5.25% to 5.50%) is scheduled for the same day. Both of these events have historically been followed by increased volatility in the cryptocurrency market.

It is worth mentioning that not all analysts foresee a bright future for XRP. Not long ago, X user Jason A. Williams predicted that the asset’s value could plummet to $0.27 during the next bull cycle. Instead, they expect a new all-time high of $336,000 for Bitcoin (BTC) and a new peak of $12,000 for Ethereum (ETH).

Observing an important indicator

An important on-chain metric that suggests XRP is facing better days is the Relative Strength Index (RSI). The technical analysis tool measures the speed and change of price movements and identifies whether the asset is oversold or overbought.

It ranges between 0 and 100, and a ratio above 70 indicates that XRP could be headed for an imminent pullback. The RSI dropped to a low of 22 a few days ago, while it currently stands at 38.

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