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

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Crypto News Squad
Jul 10, 2023

What You Need to Know About ripple (XRP) This Week


  • XRP dropped to $0.48 and rose to around $0.50. Analysts predict potential upsides will be between $1.50 and $6.50-$7.50.
  • Some are predicting short-term declines due to upcoming US CPI data but expecting long-term gains. The RSI metric indicates a possible recovery.
XRP’s Next Possible Move

Ripple‘s XRP has been quite unstable over the last few weeks, with its price falling 6% on a 14-day scale. The asset was significantly affected by the recent market correction and fell as low as $0.48 on June 7. It regained some of the lost ground in the following days and is now trading at almost $0.50 (according to CoinGecko data).

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

Later, XRP could jump to $6.50-7.50 if it breaks the Fib 1.618 zone. According to the trader, this is the time when many investors will start making profits.

Matthew Dixon also joined to dispute It is stated that XRP is still curled into a correction and may move lower in the short term before a strong rise. Waiting.”

He thinks possible higher US CPI data later this week could trigger the token’s price decline. But Dixon added that “investors will probably be rewarded as interest rates eventually start to come down.”

US Bureau of Labor Statistics set The latest Consumer Price Index will be released on June 12. The Federal Open Market Committee (FOMC) meeting, which decides whether U.S. interest rates 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 a history followed With the increasing volatility in the cryptocurrency market.

It is worth noting that not all analysts predict a bright future for XRP. Recently X user Jason A. Williams guess He said the value of the asset could fall to $0.27 during the next bull cycle. In contrast, they are looking for an all-time high of $336,000 for Bitcoin (BTC) and a new high of $12,000 for Ethereum (ETH).

Observing an Important Indicator

One mother The on-chain metric that indicates that XRP is facing better days is the Relative Strength Index (RSI). A technical analysis tool measures the speed and variation of price movements and determines whether the asset is oversold or overbought.

It ranges from 0 to 100, and a ratio above 70 indicates that XRP may be heading for an imminent pullback. The RSI fell to a very low level of 22 a few days ago and is currently stands at 38.

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#Ripple #XRP #Week
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