This is What You Need to Know About Ripple (XRP) This Week

TL;DR

  • XRP dropped to $0.48 and recovered to nearly $0.50. Analysts predict potential rallies to $1.50 and $6.50-$7.50.
  • Some foresee short-term declines due to upcoming US CPI data, but expect long-term gains. The RSI metric suggests a possible rebound.

XRP’s Next Possible Move

Ripple’s XRP has been quite shaky in the past several weeks, with its price dipping by 6% on a 14-day scale. The asset was significantly affected by the latest market correction, dropping to as low as $0.48 on June 7. It reclaimed some lost ground in the following days and is currently trading at almost $0.50 (per CoinGecko’s data).

However, the negative trend has not stopped bullish analysts from speculating that XRP is on the verge of a substantial price rally. The X user EGRAG CRYPTO believes the asset will break a specific pattern depicted as “the White Triangle” and rise to $1.50. 

Later on, XRP could jump to $6.50-$7.50 should it surpass the Fib 1.618 zone. According to the trader, this is when many investors will start taking profits. 

Matthew Dixon chipped in, too, arguing that XRP “is still coiling in the form of a correction and may be driven lower short term before a powerful spring higher is anticipated.”

He thinks a possible elevated US CPI data later this week could trigger a price decline for the token. However, holders “will likely be rewarded when interest rates” eventually start decreasing, Dixon added.

The US Bureau of Labor Statistics is set to release the latest Consumer Price Index on June 12. The Federal Open Market Committee (FOMC) meeting, which decides whether interest rates in the United States should be raised, lowered, or kept at the same level (currently 5.25% to 5.50%) is scheduled for the same day. Both events have historically been followed by enhanced volatility in the cryptocurrency market.

It is worth mentioning that not all analysts envision a bright future for XRP. Not long ago, the X user Jason A. Williams predicted that the asset’s value could plummet to $0.27 during the next bull cycle. In contrast, they expect a new all-time high of $336,000 for Bitcoin (BTC) and a fresh peak of $12,000 for Ethereum (ETH).

Observing an Important Indicator

One major on-chain metric suggesting that XRP is facing better days ahead is the Relative Strength Index (RSI). The technical analysis tool measures the speed and change of price movements and identifies whether the asset is oversold or overbought. 

It ranges from 0 to 100, and a ratio above 70 indicates that XRP could be headed for an imminent pullback. The RSI dropped to a multi-low of 22 a few days ago, while currently it stands at 38.

The post This is What You Need to Know About Ripple (XRP) This Week appeared first on CryptoPotato.

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