The XRP price has fallen by 5% in the past 24 hours, with the coin’s slide to $0.776800 coming as the cryptocurrency market drops by 1%.
Coming a week after Ripple’s positive decision in its case with the SEC, XRP’s move today means it’s up by only 0.5% in the last week, although it remains 67% up in the last 14 days and up by 125% since the beginning of the year.
And while today’s slip means that XRP’s post-ruling rally may have come to an end, at least in the short-term, the coin’s future remains very positive, with more gains likely to follow in the coming weeks and months.
XRP Price Prediction as XRP Drops 5% in 24 Hours – Is the Rally Over?
XRP’s chart suggests that the altcoin may be expected to fall a little further before it can resume its rally in the medium-term, with its indicators showing increasing signs of weakness.
For one, XRP’s relative strength index (purple) has now subsided to 50 and looks set to continue its drop, implying that the coin’s price may not stop falling until the RSI reaches 30 or lower.
Likewise, the altcoin’s 30-day moving average (yellow) has stopped rising steeply and may begin dropping towards its 200-day average (blue) very soon, with the short-term average having a long way to fall before it bottoms out.
It will therefore be interesting to see if XRP’s support level (green) will resist any falls beyond $0.0770: if it can’t, it’s likely that it may drop all the way down to $0.070 before correcting itself.
Despite this risk, it’s probable that XRP will recover sooner rather than later, with its momentum from last week still strong enough to maintain its overall gains in the medium-term.
Indeed, the ruling last week in the Ripple-SEC case remains largely positive for XRP, with Judge Analisa Torres siding with Ripple on numerous accounts and finding that sales of XRP on exchanges weren’t in violation of securities law.
Nothing has changed since this ruling was delivered, with threats of an appeal from the SEC remaining very distant at the moment, as well as unlikely to succeed.
Instead, today’s 5% drop should be read more as XRP’s market cooling off a little in the short-term, with the coin correcting slightly so that an influx of new buyers can push it up further in the coming months.
If so, the market can expect XRP to push back up to $0.80 in the coming weeks, before potentially hitting $0.90 or $1 in the next few months.
High-Potential Meme Tokens
Given that traders may have to be patient if they want XRP to break the $0.90 or $1 barrier, some may prefer to look towards newer altcoins in the meantime, particularly those which are positioned to rise big in the near future.
This is particularly the case with presale tokens, which can often have big rallies when they’re added to exchanges for the first time.
One of the hottest presale coins right now is Evil Pepe (EVILPEPE), an ERC-20 meme token that launched its sale only a few days ago.
Impressively, it has already raised more than $180,000, with the presale having just under 12 days left to run and a target of $1,996,002.
The meme token will have a total maximum supply of 6.66 billion EVILPEPE, of which 90% has been allocated to the presale.
This makes Evil Pepe a highly decentralized token, and at a time when meme coins have become particularly attractive to traders, it could really prove successful in attracting a big community of holders.
Its presale will have only one stage, with 1 EVILPEPE token costing $0.000333 and buyable using either USDT, ETH or fiat currency.
Anyone interested in joining the sale can do so by going to the official Evil Pepe website and connecting their crypto wallets, such as MetaMask or Wallet Connect.
And from there, all they will have to do is sit tight and wait for EVILPEPE to list on exchanges, at which point it could become the market’s next big meme token.
Visit Evil Pepe Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
