Despite the declining excitement surrounding Bitcoin exchange-traded funds (ETF), Ripple (XRP) stands out as one of the most affected cryptocurrencies. The token has recently suffered significant losses, falling below the $0.60 support level.
Decline Predictions for Ripple
Analysts foresee significant declines in XRP’s valuation in the coming days. Leading cryptocurrency analyst Alan Santana, in his statements on January 12, indicated that based on price movements and technical indicators, XRP will undergo “a very strong correction.” The analyst also shared various technical analyses. For example, on January 11, he pointed out a critical rejection point just below the exponential moving average 50 (MA), where XRP briefly surpassed the $0.6054 level but eventually closed below it:
According to today’s movement, there will be a very strong correction. Since this is just the beginning, be prepared for the impact. We will have plenty of time to buy at lower prices and enjoy growth throughout the year (2024). I will be here to share the best time to enter when support is found.
Critical Report on XRP
According to Santana’s analyses on January 5, he highlighted worrying signs of an impending collapse and noted that XRP consistently fell below the EMA200 with a weak relative strength index (RSI) of 34.33, signaling a bearish momentum. The expert stated:
There has been a notable bullish trend against Bitcoin and XRPNetwork since May 2022.
Furthermore, the cryptocurrency analytics firm Santiment emphasized on January 13 that investors, while assessing the ETF approval possibilities for ETH or XRP, overlooked Cardano compared to the usual investor optimism. At the time of writing, the popular altcoin XRP reflected a gain of over 1% in the last 24 hours, trading at the $0.58 level. The token has gained 2% in value over the past seven days.
