XRP Price Prediction as $1 Billion Trading Volume Comes In – Will XRP Fall Below $0.60?
The XRP price has dropped by 4.5% in the past 24 hours, falling to $0.663825 as the cryptocurrency market overall slides by 1% today.
XRP is now down by 7.5% in the last seven days, with today’s drop witnessing a spike in trading volume beyond $1 billion as holders panic sell the altcoin, which remains up by 36% in the past month and by 77% in the past year.
It’s arguable that XRP has declined more than the market as a whole because investors have decided to take profit while they still can in the face of a still-uncertain investment climate.
However, with XRP’s fundamentals remaining strong and Ripple continuing to expand its business, it’s only a matter of time before the altcoin rises again.
XRP Price Prediction as $1 Billion Trading Volume Comes In – Will XRP Fall Below $0.60?
XRP’s chart suggests that the coin is close to reaching the bottom of its recent falls, and should be close to rebounding again.
Most notably, XRP’s relative strength index (purple) has declined all the way to 30, meaning that it is oversold relative to its movements over the past few weeks.
This signals an incoming rally, as does the fact that the coin’s 30-day moving average (yellow) is very close to falling below its 200-day average (blue), at which point a corrective movement upwards would be due.
Still, there’s a real possibility that XRP could fall a little further before it begins to recover, with its support level (green) having declined fairly consistently since the coin’s spike back in the middle of July.
As such, traders shouldn’t be especially surprised if XRP drops below $0.65 before recovering, although it’s probably unlikely that it will decline all the way below $0.60.
And after it bottoms out, fundamentals continue to suggest that XRP should resume rising pretty steadily, following Ripple’s landmark ruling in July in its case with the SEC.
What this ruling has done is clear the way for Ripple to begin expanding its business more aggressively, with it being revealed this week that the company had worked with the Bank of England in exploring the synchronised settlement of payments using XRPLedger.
This comes in addition to a recently begun stablecoin trial with the Republic of Palau, for example, indicating that many institutions and organizations are likely to turn to Ripple when delving into blockchain and cryptocurrencies.
Again, this suggests that Ripple is only going to expand from here on out, and then XRP is going to grow in parallel.
For this reason, it won’t be surprising if XRP returns to $0.70 in the next few weeks, before possibly reaching $0.80 and $0.90 in the latter stages of the year.
An Ethereum-Based Version of XRP
It’s possible that some traders may be frustrated about having to wait for XRP to gradually return to growth, in which case they many consider newer altcoins that are looking forward to their initial growth spurts and big rallies.
And one such coin happens to be an ERC-20 version of XRP itself, with XRP20 having already raised more than $200,000 in its presale, which began earlier this week.
Being based on Ethereum, XRP20 will enable its holders to stake it, thereby earning themselves a passive income.
Yet what’s interesting about XRP 20 is that its presale prices it at $0.000092, which was the price that XRP itself had back in 2014.
This means that XRP20 offers investors the chance to make up for having missed out on XRP first time around, giving them the chance to invest in a promising new token at the ground floor, when it’s super cheap.
Much like the original XRP, XRP20 will have a total maximum supply of 100,000,000,000, with 40% of this going to the presale and 40% being set aside for staking rewards.
Promisingly, 10% of its total supply will be burned over time, helping to make the altcoin deflationary.
This could really help the coin’s price to rise over time, something which the early investors in XRP20 seem to believe, given how quickly they’ve joined its presale.
And new investors can join this sale by visiting XRP20’s official website and connecting their software wallets.
