Altcoin
XRP Price Prediction: Can Altcoin Remain Above $0.5?
- XRP could target the $0.54 upper resistance, but BTC fluctuations could complicate the situation.
- The print time value of XRP has been a discounted buy despite massive outflows following Monday’s rally.
Ripple [XRP] led the market rally in the intraday trading session on May 17, posting gains of 3%. The recovery saw it hit $0.52.
XRP’s slight rebound followed That of Bitcoin [BTC] surprise jump from $64,000 to $67,000. But the largest digital assets have erased gains from earlier in the week and could spell trouble for XRP.
Can XRP Bulls Defend $0.5?
Source: XRP/USDT, TradingView
Monday’s rally saw XRP defend the 78.6% Fibonacci level ($0.48), a crucial low. XRP remained stuck between the 61.8% and 78.6% Fib levels.
Therefore, a decisive recovery could take the altcoin to the top of the range ($0.54). This is a potential 10% for the bulls.
However, as of this writing, the major technical indicators on the charts have not demonstrated market leverage against the bulls.
The RSI (Relative Strength Index) experienced a mid-range rejection, indicating that buying pressure increased but was not strong enough to push XRP higher.
Similarly, CMF (Chaikin Money Flow) showed an increase but did not cross the zero level. This meant that inflows were improving but not consistent enough.
That said, XRP bulls need to defend the 78.6% Fib level if the 10% potential is to be realized. Otherwise, short sellers could drag it lower to $0.45 or $0.41
XRP Price Prediction: Will Outflows Delay Recovery?
Source: Coinglass (XRP spot flows)
The weak CMF was supported by massive outflows from the XRP spot markets following Monday’s rally.
For Coinglass dataThe XRP spot market recorded an outflow of $24.99 million on June 17, indicating that some investors have reduced risks following the recovery.
If it persists, bearish sentiment could weigh on a sustained recovery.
However, Santiment, a smart crypto data platform, noticed crowd sentiment on XRP has fallen to 2024 lows and could be a perfect buying opportunity.
“Patient traders who have been waiting for the crowd to give up on these large-cap altcoins may finally have their opportunity to buy with FOMO at the 2024 lows.”
The bullish stance, despite a weak price chart, was reiterated by another X (formerly Twitter) user and analyst, BCBacker.
Realistic or not, that’s it The market capitalization of XRP in terms of BTC
The analyst determined that, on higher timeframe charts, XRP flashed signals that were followed by an explosive rally in 2017 and 2021.
That said, BTC’s next move would be the key driver of XRP’s price movement. Further weakening of the King Coin could complicate the altcoin’s recovery.