XRP remains above a key support level despite significant selling pressure and fear in the crypto market. After a 20% retracement since August 24, the price remains stable above $0.50, providing hope among investors and analysts. This crucial support level has become a flashpoint as it can signal resilience in an otherwise bearish market.
The stability has fueled optimism, with some analysts now targeting higher price levels for XRP this market cycle, assuming support holds. As the broader market experiences uncertainty, Ripple’s performance at this level could determine the next big move. Investors and traders are keeping a close eye on the price action to assess whether a recovery is in the offing or if further decline is in store.
XRP’s Next Move Could Shock the Market
XRP is one of the most controversial cryptocurrencies in the market. This is not only due to the ongoing lawsuit by the SEC or the unpredictable price development of the past years, but also due to the very optimistic predictions of certain investors and traders who claim that the coin is still undervalued.
One of these figures is Amonyx, a well-known analyst who recently detailed technical analysis on Xpredicting a price target of $50 to $57 for this market cycle. His analysis includes a chart with two exponential bands, which project potential lower and higher price levels over the long term.
Amonyx’s prediction is just one of many that reflect an optimistic outlook. Despite regulatory uncertainties and current market conditions, these predictions suggest that some traders and investors see Ripple as a promising asset that is poised for significant growth. According to these analyses, the current consolidation phase and support levels could provide an opportunity for market participants to position themselves ahead of an expected breakout.
With the crypto market still volatile and uncertain, such optimistic predictions highlight XRP’s potential to deliver substantial returns. Whether these predictions come to fruition or not, Ripple will remain a focus for those seeking outsized gains in the crypto space.
XRP Technical Details
XRP is currently trading at $0.5225, after falling from local highs. The cryptocurrency is struggling below the daily 200 moving average (MA) at $0.55, a key support level that was lost on Thursday.
Despite this, the price still remains above the critical $0.50 level, which offers some hope for bulls. To regain momentum, the price needs to reclaim the daily 200 MA and break through the local high of $0.65. If this is achieved, it would signal a potential bullish shift, paving the way for further gains.
On the other hand, if XRP breaks the $0.50 support, the next level to watch is $0.48. A decline below this threshold could lead to a deeper correction, thus extending the bearish sentiment. Bulls need to keep the price above $0.50 to maintain any chance of recovery, while bears will keep an eye on these critical levels for further downside potential.
Main image of Dall-E, chart from TradingView