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The fifth largest cryptocurrency by total market value, XRP, continues to maintain its position at $0.62 after the correction it experienced. The XRP/USD pair has been virtually stagnant in the past 7 days, with only a 0.5% movement. This indicates that XRP is going through a significant consolidation phase. So what do experts’ XRP price predictions indicate?
XRP Price Analysis
The current correction could bring XRP down to $0.6. After a three-week decline, XRP finally found solid ground and lost a total of 36.5% from its peak. The $0.938 level reached on July 13 was the peak for XRP this year, but this could change. Although XRP dropped to $0.596 from this level, it managed to recover and stay above the $0.6 support.
The $0.6 level for XRP/USD actually corresponds to the 50% Fibonacci support level, making it quite critical. Many analysts see this level as a real bottom point for XRP. Currently, $0.6 is a very critical support level for XRP, and $0.66 is the first resistance level on the path to higher resistances. If the XRP/USD pair is rejected at $0.65 as before, the price could drop to $0.59. However, if the price breaks the $0.665 resistance with sufficient volume, it could quickly climb to the $0.75 resistance level.
XRP Price Still Bullish!
The uncertainty surrounding the XRP lawsuit is still unresolved, and investors may not want to take serious steps, especially in this uncertain situation. This seems to be the number one reason for the lack of volume on XRP boards. XRP is currently trading above the 100 and 200-day EMA levels, which is a positive sign despite low volume. The RSI for XRP is at 40%, indicating that buyers have sufficient volume.
The XRP/USD pair is currently dependent on news from the lawsuit or the overall movement in the cryptocurrency sector. BTC is expected to rise based on technical analysis next week, and XRP could follow a similar path in this case.
