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XRP’s price has encountered downward pressure in recent months, even as its competitors have shown strong price performances. During this period, the cryptocurrency fell below the $0.50 support zone but later recovered somewhat. However, these difficulties are occurring concurrently with the ongoing legal battle between XRP’s parent company Ripple and the Securities and Exchange Commission (SEC), as well as a hacking fiasco.
Analyst Comments and Predictions for XRP
TheSignalyst conducted an analysis on February 1st regarding the price. The analyst identified critical levels that must be watched for the bulls to take control over XRP.
Looking at the post, it appears that XRP continues to fall within a descending channel. The analyst also noted that XRP has significant support at the $0.5 level and that the focus is on the lower boundary of this channel.
According to the analyst, as long as the critical support level of $0.465 holds, optimism for a price rise will continue. This situation could potentially trigger a further downward trend if there is a price movement towards the mentioned $0.465.
Despite the downward trend, the token has a chance for a rise as long as it adheres to the mentioned point, and the analyst added:
“As long as the $0.465 support continues, we will look for short-term buying setups in lower time frames. For the bulls to take over in the short term, we need a break above the last minor high level of $0.55. Then, for the bulls to maintain control and take over from a medium-term perspective, we need a break above the upper red trend line and the last main high level of $0.60.”
Current Status of XRP Price
Indeed, all XRP investors are observing whether the price can stay above the $0.50 level, which is seen as a very important support for retesting the critical $0.60 level.
XRP could not reach the $0.60 level again after reaching and then retreating from it in mid-January, which made the level even more critical. In the short term, XRP’s price has been fluctuating between $0.55 and $0.49.
While all this is happening, the altcoin’s whales seem to be benefiting from XRP’s current position. Such dips are generally considered buying opportunities, and it seems that XRP whales are making the most of the current situation.
As of the time of writing, XRP has found buyers at the level of $0.5187 with an increase of over 1.61% in the last 24 hours. In addition, a weekly price review shows that XRP has experienced a decrease of 1.6%.
As a final note, the effects of the recent hacking attack on XRP seem to be diminishing. As a result of the hacking of wallets belonging to a Ripple co-founder, 112.5 million XRP were seized. Following this incident, Binance, one of the exchanges where the XRP were moved, took swift action and seized altcoins worth $4.2 million.
