Amid the general decline around the cryptocurrency market, the XRP price has been observed by analysts as one of the crypto assets that is ready for a breakout, which will send its price on an upward trend.
XRP To See A Pullback Before Going Higher
One of the crypto analysts who has made positive predictions for XRP is Matthew Dixon, the Chief Executive Officer (CEO) of the crypto ratings platform Evai. The CEO shared his bold projections with the crypto community on the social media platform X (formerly Twitter).
Matthew Dixon believes that the financial situation of the token will soon improve. According to him, there may be a brief decline in the value of XRP before it picks up steam and rises higher.
Dixon’s X post was accompanied by a chart of the digital asset to emphasize his latest forecast, further unveiling a narrative of resiliency and possibility. The price looks to be consolidating after a period of volatility, which often indicates that a major price move is about to take place.
Dixon highlighted that the price will fall to about $0.5250 before attempting to go past the $0.54 price mark while using the 1-hour timeframe chart. Achieving that fresh level might lay the stage for more profits in the upcoming days.
One important aspect to note is how the Relative Strength Index (RSI), which predicts shifts in price and momentum, is favorable to the XRP price. As seen in the chart, the indicator shows that the crypto asset’s RSI is below the overbought area.
This placement implies that there is space to move upward without worrying about going overboard too soon. With this observation, there is hope once again for traders and investors who are optimistic about the token.
This is because, since the beginning of the year, XRP’s price has been volatile. Over the weekend, the coin fell from $0.62 to a new annual low of $0.5, sending negative speculations among the crypto community.
It Is Never Too Late To Purchase The Token
Despite the correction, Bitrue, a Singapore-based crypto exchange, has made an exciting claim regarding XRP. According to the platform, “It is never too late” to invest in the digital asset.
With this statement, Bitrue has urged the community to take into account the present price and increase their holdings before it goes higher. Although the claim may seem appealing, there might be a negative undertone.
In response to the claim, several members of the community have agreed with the platform. They stressed that the fact that the price is still stable makes Bitrue’s analysis true.
XRP was trading at $0.5256 as of the time of writing, indicating a 0.95% decrease in the past 24 hours. Data from CoinMarketCap shows that its daily trading volume is currently up by almost 60% in the past day.
Featured image from iStock, chart from Tradingview.com
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