The trader expects the price of XRP to drop further in the short term
- EGRAG CRYPTO, trader and analyst, has predicted that the RSI for XRP will drop towards the 42 band.
- The trader shared that the lower the RSI for XRP is, the higher the price of the altcoin will go up in the near future.
- At press time, it is trading at $0.4262 after a 0.37% drop in the price.
Cryptocurrency trader and analyst EGRAG CRYPTO tweeted an update on his RSI analysis on XRP yesterday. In the post, he mentioned that the RSI had dropped below 50, which he predicted in his tweet dated May 5, 2023. As a result, the trader is now waiting for the RSI to drop to the 42 range.
However, EGRAG CRYPTO cautioned that the RSI might not form a straight line as it fell below the 42 range. However, he added that XRP’s price movement will be bigger and better the closer this indicator gets to the 42 range.
At the time of publication, CoinMarketCap indicated that the price of the remittance token was at $0.4262 after declining by 0.37% over the past 24 hours. The recent price action also pushed the altcoin’s weekly performance into the red at -6.99%.
Market leaders (BTC) and (ETH) also outperformed the cryptocurrency during this period. At press time, XRP is down 0.58% against BTC and 0.34% against ETH.
XRP/USDT Daily Chart (Source: TradingView)
XRP price was hovering above the key support level at $0.4128 after losing the previous level support at $0.45 on May 7, 2023. Additionally, the 9-day and 20-day EMA lines acted as resistance — adding some downward pressure on the altcoin price.
If XRP loses the support level of $0.4128, it will continue to decline to the next support level around $0.3849 in the following days. On the other hand, a close above the 9-day moving average line in the next 48 hours is likely to cause XRP price to attempt to regain a position above $0.45.
Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
The post that a trader predicted that the price of XRP will drop further in the short term appeared for the first time in the coin issuance.