XRP Price Prediction as XRP Falls to $0.50 Support Level – Time to Buy the Dip?
The XRP price has dropped by 3.5% in the past 24 hours, with its fall to $0.493229 coming as the cryptocurrency market as a whole suffers a 1% dip.
XRP's dive below the $0.50 support level means that it has risen by 3% in a week and by 7% in the last 30 days, with the altcoin also up by 51% in the past 12 months.
Given that it appears to be on a long-term upwards trajectory, today's correction therefore provides an excellent opportunity for traders to buy it at a relevant discount.
Because if and when Ripple receives a positive judgment in its case with the SEC, there's no question that XRP would rally substantially.
Even with today's fall, XRP's technical remain in a promising position, with the coin potentially poised to resume rising once its current little correction has played out.
In particular, its 30-day moving average (yellow) is about to overtake its 200-day average (blue), forming a golden cross that can signal an incoming breakout.
On the other hand, XRP's relative strength index (purple) is hovering around the 50 level, although this is a position from which it could easily begin climbing upwards again.
Supporting the view that XRP is likelier to rise is the fact that its support level (green) is now ascending, providing it with a higher base from which it can mount further gains.
And even though XRP has slipped today, its overall picture remains largely positive, given the current status of Ripple's case with the SEC.
This case is likely to end in the coming weeks, with Ripple CEO Brad Garlinghouse posting a video on Twitter last week which appeared to suggest that its conclusion was imminent.
More importantly, recent developments suggest that Ripple has a very good chance of securing a judgment or settlement which
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