XRP’s Short-Term Price May Plummet to $0.47828, Says Analyst

• Cheeky Crypto analyst predicts a potential decline in Ripple’s (XRP) value.
• The 50-day SMA line may cross beneath the 200-day EMA line.
• XRP’s low trading volumes further support the bearish outlook.

A market analyst from Cheeky Crypto, a platform specializing in cryptocurrency trading and analysis, has forecasted a potential decline in the value of Ripple over the next several weeks. In a recent video, the analyst indicated a bearish price target for XRP, ranging from $0.47828 to $0.48303.

Importantly, the 50-day Simple Moving Average (SMA) line was on the verge of crossing beneath the 200-day Exponential Moving Average (EMA) line. If it occurs, this crossover would signal a major bearish technical indicator, commonly called a death cross. Following this, the analyst cautioned that such a technical indicator could lead to a negative response from investors and traders, thereby exerting further downward pressure on XRP’s price in the medium term.

Should the pessimistic outlook be confirmed, the Cheeky Crypto analyst predicts a potential decline in XRP’s price to $0.3517 to $0.3927. Following this, he expects the altcoin’s price to experience a temporary rebound before ultimately falling from $0.30 to $0.3039.

Nonetheless, the analyst’s forecast was somewhat pessimistic. He projected that XRP could escalate to $0.66 – $0.70 after the current downward trend. However, he did mention that it might take several months for XRP to attain this price range.

Additionally, the analyst mentioned that if XRP surpasses $0.675, it would disprove the bearish outlook. However, traders and investors need to be aware that XRP’s trading volumes have recently been significantly low. The analyst believes this further supports the bearish outlook, as there is insufficient buying support to stop XRP from declining.

At the time of reporting, CoinMarketCap showed that the price of the remittance token was $0.4933. This followed a 24-hour decrease of 0.52% in the altcoin’s value. However, despite this daily downturn, the price of XRP had increased by 1.89% over the previous week.