Unfortunately, XRP, the fifth-largest cryptocurrency by total market value, was among the biggest losers in the past 24 hours. XRP lost 4.3% of its value in the past 24 hours and experienced a 6.3% loss in the last seven days. There is only one cryptocurrency that lost more value than XRP among the top 10, and that is Dogecoin (DOGE).
XRP Price Decline
XRP’s decline raised the question of whether the XRP rally is over. XRP recently experienced a significant increase with news and almost reached the $1 level, but gradually dropped to the $0.6 level. Now the situation seems worse.
XRP suddenly turned its horizontal trend into a decline. The positive progress seen since July 13th was disrupted, and it is observed that the critical support level was breached. Famous cryptocurrency analyst Michael van de Poppe had previously indicated a decline. The famous analyst showed on his chart that XRP could lose its critical support, and he was right.
In this post, Poppe considered $0.56 as a good entry and buying point. This meant that the price, which was at $0.63, would drop, and it happened as expected. XRP is currently trading at $0.59 and maintaining support at $0.58. However, if the impact of the overall market decline continues to increase, the price can drop to $0.56 as expected.
XRP Price Prediction
The overall decline in the cryptocurrency sector may be due to a general lack of volume. Popular cryptocurrency analyst Tim emphasized the lack of volume and stated that he expects a drop to $0.55. The analyst, who provides data from a 2-day chart, mentioned that he is waiting for the right time to enter the market. According to the analyst, the ideal buying point for XRP is in the range of $0.55 to $0.58, and the price is expected to drop as much as possible.
XRP couldn’t make good use of the positive news from the lawsuit and couldn’t make the rally sustainable. Now it can be suppressed by general market movements.
