Crypto markets bled red across the board this week, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) leading the charge lower. Altcoins weren’t immune, with varying degrees of weakness. XRP price, for instance, dipped 1.6% in the past 24 hours, bringing its weekly drawdown to 10%.

Currently trading at $0.57 on Friday, the remittance token sits within a deteriorating market structure, increasing the likelihood of further price declines heading into the weekend.

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XRP Price Prediction As Triangle Breakout Bites

Yet to find relief following the spot Bitcoin exchange-traded fund (ETF) jitters, XRP price holds below the crucial $0.6 level and trading at $0.57. The Moving Average Convergence Divergence (MACD) indicator reveals a weakening technical structure, backed by a sell signal.

Traders are likely to consider shorting XRP as long as the MACD line in blue is holding below the signal line in red. Moreover, the momentum indicator must stay in a downward position below the neutral area to confirm the bearish thesis.

XRP price chart | Tradingview

XRP is almost or highly oversold based on the Relative Strength Index (RSI) and other oscillators. At 32, a recovery is possible in the short term. However, this does not rule out further retreat, especially if support at $0.57 fails to hold.

The impact of a symmetrical triangle breakout, which saw XRP flash drop to $0.5 is another force to be reckoned with. Therefore, the lack of solid support could lead to additional declines, likely to weigh down the buyer congestion at $0.5.

As the crypto market breathlessly awaits the approval of the first spot Bitcoin ETFs in the US, XRP might jump on the bandwagon and steady its movement to the upside.

A break above $0.6 would signal an incoming stronger bullish trend, with all eyes glued on the coveted $1. Traders will consider increasing exposure to long entries as long as and XRP price reclaims S/R at $0.6.

Other key milestones that will validate the uptrend may include recovery above the 20 Exponential Moving Average (EMA) (in blue), the 50 EMA (in red), and the 200 EMA (in purple).

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The post XRP Price Prediction: With Dumping In Full Force, Is This the Dip to Buy Before ETF Approval? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am