Ripple (XRP) Might be Set to Make a Rebound to the $0.65 Level
BARCELONA, Spain – It’s true when they say that when you hit rock bottom, there is no other way but up. At least for Ripple, it holds some truth. Ripple has suffered losses in 4-hour, 24-hour, and 7-day charts for the past couple of days. It is not exclusive to XRP, though, as the cryptocurrency market suffered major losses, even Bitcoin and Ethereum. But now, it seems like Ripple is ready to get back up again.
After a freefall on Monday, as shown by the Relative Strength Index going to the oversold region, the XRP is starting to recover. It was also shown as the price went from $0.65 to a depressing $0.48. Since the dollar is also getting stronger, Ripple is poised to make a rebound, and experts believe it could make as much as a 40% rally. Analysts see a window for the altcoin to bounce back to its previous support level of $0.65 by the end of the week.
There was never a correlation between the dollar strength and the price of cryptocurrencies, but looking at the data, you will see that there might be a tad of correlation between the two. Holders and owners of XRP expect to see a rally up, at least for this day. With its performance now, it might reach $0.58. If it surpasses that level, then it could be well on its way to $0.65. Overall, Ripple was able to gain around 40%. It also added $0.17 to its value.
However, there are still risks to watch out for, such as the possibility of it hitting below $0.48 or even $0.42, which was also present since the last quarter of 2021.
Experts can only make predictions and analyses on the XRP, but no one can say for sure how it will be in the future. Continue to stay updated to avoid losses.