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The price of XRP is considered to have significant potential for a sharp increase, making it one of the altcoins to watch.
XRP Price Retracement and Potential for Investment Gain
Whereas Ripple surged and reached the predicted targets. However, since then, investors have been taking profits, leading to a pullback in the price of the remittance token. This retracement presents an opportunity for investors who were previously sitting on the sidelines to re-enter the market and accumulate XRP before the next bullish phase.
In the period between March 28, 2022, and June 18, 2022, XRP underwent a significant price drop of approximately 68%, reflecting the harsh bear market conditions. Despite an attempted recovery rally, XRP remained range-bound within the $0.532 to $0.336 range after hitting a low of $0.287.
XRP faced another sharp decline on January 2, 2023, and bottomed out at $0.300 before experiencing an impressive 95% surge over the following three months. This rally culminated in a local high of $0.585, but the token underwent a pullback in its price.
As the value of the altcoin XRP declines, it presents an opportunity for investors to purchase it again. The ideal range for repurchasing XRP is between $0.422 and $0.500. In an optimistic scenario, XRP could potentially push its price to reach the high end of the 68% drop range at $0.930. This move would result in a 100% profit for Ripple Holder.
Ripple (XRP) Market Price Performance
Ripple (XRP) is trading at $0.499478 at press time, with a market capitalization of $25,779,602,580. Despite experiencing a 3.14% price decline in the past 24 hours, XRP has shown a 4.00% price increase in the last seven days, outperforming the global cryptocurrency market, which is up by 3.80%. This marks a positive trend for XRP as it outperforms other similar cryptocurrencies that have remained stagnant.
The circulating supply of XRP is 52 billion tokens, making it the sixth-largest cryptocurrency in terms of market capitalization. However, the price of XRP is currently 85.32% lower than its all-time high of $3.40, which was recorded on January 7, 2018, almost five years ago. On the other hand, the current price of XRP is 18,472.71% higher than its all-time low of $0.00268621, recorded almost nine years ago on May 22, 2014.
Despite the recent price decline, the positive trend of XRP’s price increase in the last seven days suggests potential growth in the future. The cryptocurrency market remains volatile, and it is important to approach any investment with caution.
XRP Price Prediction: XRP/USDT Technical Price Analysis
XRP/USDT Daily Chart Analysis. Source: Tradingview.com
XRP price has maintained a strong bullish trend, with the price bouncing back to a bullish move after a short retracement call. XRP is currently experiencing a surge in value that is attracting the attention of investors. After trading in a support zone of $0.56 to $0.50 for a while, the price has rebounded and risen above the psychological resistance level of $0.50.
This upward trend has continued, with XRP trading above both the 50-day and 200-day moving averages, indicating that market bulls are in control. The relative strength index also shows a strong bullish trend, with the index trading above the 50-level mark at 71. However, analysts note that there is a resistance level at $0.56 that could cause the price to return to the previous support level.
Based on the analysis above, observing key resistances at $0.65 and $0.68, respectively, determines the likelihood of further price increases.
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