Today, XRP prices fell below 1$ for the second time in the past 2 weeks. This comes at a time where the overall cryptocurrency market crashed. Prices are currently trying to escape a lasting downtrend, but currently broke major support levels. XRP investors wanted to see a rebound in price from the 1$ price mark, but prices sank to USD 0.97. How will XRP price behave in the coming weeks? Will we see a rebound above 1$? Let’s map out an XRP price prediction.
What has Happened so far to XRP prices?
XRP prices were going on a strong uptrend, shooting from their strong support of USD 0.52 all the way to USD 1.41. This price-action came after a lagging period vis-a-vis the cryptocurrency market. On the other hand, when the crypto market crashed, this brought an end to the uptrend. Prices entered a short-term bear market, creating high pressure on the selling side. This started when prices broke USD 1.14 (figure 1).
XRP Price Prediction – Should you Buy XRP today?
Sure, looking at how prices broke the 1$ mark seems appealing for investors. On the other hand, it is important to wait for the XRP price to reach a strong support area. XRP is looking like it is continuing its downtrend for now, and buying at the current price might be a little risky. That’s why two case scenarios arise from the current events:
1- Buy at the current price
This approach assumes a support level of around USD 0.95, and that prices are likely to rebound upwards directly from this area. However, it doesn’t account for the entire cryptocurrency short-term bear market. This scenario should be cleared within the next 2 days.
2- Wait for a further Dip
Looking at how the entire cryptocurrency market is falling, a further adjustment might still happen. This would bring prices down towards the strong support of USD 0.75 that was previously established prior to the uptrend. In this case, waiting is the best strategy. If you have open positions, now is the time to recalculate your downside and assess if you prefer to close your position or handle this short-term bear.
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