Ripple Price Prediction: Will XRP See a 30% Surge Next Month?
The XRP price has dropped to $0.494065 today, representing a 3% fall in the past 24 hours for the fifth-biggest cryptocurrency by market cap.
Coming as the market drops by 1%, today's move means that XRP is basically flat in the last week but down by 5% in the last 30 days, although the altcoin remains up by 45% since the beginning of the year.
XRP's fall comes after Wall Street suffered its worst week in six months, yet negative investor sentiment is arguably making the altcoin more attractively priced, and likelier to witness big gains in the coming weeks.
XRP's indicators are falling away again after showing signs of renewed momentum last week, with its relative strength index (purple) falling below 50 and potentially dropping further.
Likewise, XRP's 30-day moving average (yellow) has also dipped below its 200-day average (blue), a move which normally signals a period of sustained losses.
It will therefore be interesting to see if the altcoin's support level (green) can hold out against today's negativity, with more losses likely to come if the price drops below $0.4950.
It's quite probable that this will happen, given that ongoing issues in China (particularly in the housing market) and a possible government shutdown in the US have weighed heavily on traditional markets in the past few days.
For this reason, XRP may slip further this week, declining to $0.490 before beginning to correct itself.
This view is supported by the fact that whales appear more likely to sell XRP at the moment, with Whale Alerts recording a big transfer to Bitstamp in the past 24 hours.
Having said that, the coin's fundamentals having changed, meaning that it's well placed to recover strongly once market conditions become more favorable.
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