XRP Price Prediction – Is XRP Going to Go Up?
XRP, the token used for cross-border money remittance, appears to be at the tail end of a retracement from its October peak at $0.5488. A substantial demand area sits at $0.4200, where the XRP price is expected to start a new rally.
This is a minor dip from XRP’s current price, $0.4455, but investors should not fret because such a move could allow for liquidity collection ahead of a rebound to $1.
The region between $0.4000 and $0.4400 represents the most robust demand area, helping XRP price to stay afloat. This support has been respected since September 28, when the token pulled back from its monthly top at $0.5606.
A descending trend line currently limits XRP price movement to the upside, leaving buyers with no option but to consider new entries downstream. In other words, immense liquidity awaits the international money remittance token within the rectangle pattern highlighted on its daily chart.
XRP price trades near oversold conditions based on the slippery slope followed by the Stochastic Oscillator. As overhead pressure engulfed XRP, the Stochastic diverged further from the price.
It is worth mentioning that prices do not dwell in the oversold region for long as markets often correct back to the fair value. Therefore, XRP must be at the threshold – ready to roll down the runway and take off.
According to insight from on-chain data, the XRP price is back in the buy zone. The MVRV (Market Value Realized Value) by Santiment affirms the available buying opportunities with a negative reading, precisely -5.41%.
This on-chain index tracks the average profit or loss of XRP holders based on the price at which each token last moved. Movement below the equilibrium line (0.00) infers that the XRP price is overvalued – the opposite
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