The XRP price has fallen by 3.5% in the past 24 hours, with its drop to $0.482084 coming on a bad day for the cryptocurrency market as a whole, which is down across the board.
XRP is now down by 4% in a week and by 23.5% in the last 30 days, although the altcoin remains up by 41.5% since the beginning of 2023.
However, with XRP’s fundamentals remaining as strong as they were back in July (when it almost reached $0.85), the current dip provides investors with a good opportunity to buy the altcoin cheaply before it returns to growth.
XRP Price Prediction as $0.50 Level Fails to Hold – Will XRP Keep Falling?
Unsurprisingly, XRP’s chart and indicators are showing some real weakness at the moment, but this can obviously be read as a sign that the coin is oversold and now available at a big discount.
Its relative strength index (purple) has not only just touched 30, but it has been very close to 30 for around a month now, indicating that a recovery of some kind is long overdue.
On the other hand, XRP’s 30-day moving average (yellow) is about to fall below its 200-day average (blue), a move which would form a ‘death cross’ that can often signal further losses to come.