Yesterday, EGRAG CRYPTO, a seasoned crypto trader and analyst, took to Twitter to share an update on his RSI analysis of XRP. His post revealed that his prediction on May 5th, 2023, had come to fruition as the RSI had dipped below 50. As a result, the trader is now patiently waiting for the RSI to plummet further into the 42 range.
While cautioning that the RSI may not follow a linear trajectory as it dips into the 42 range, EGRAG CRYPTO has expressed optimism that XRP’s price action will be more pronounced and promising as the indicator approaches this critical threshold. As always, prudent analysis and careful consideration are key to navigating the dynamic world of cryptocurrency.
According to the latest update from CoinMarketCap, the current value of the remittance token is $0.4262, reflecting a slight decline of 0.37% in the last 24 hours. Unfortunately, this downward trend has also caused the altcoin’s weekly performance to dip further into negative territory, now at -6.99%.
During this period, XRP could not keep up with the market leaders, Bitcoin (BTC) and Ethereum (ETH), resulting in lower performance. As of press time, XRP had decreased by 0.58% against BTC and 0.34% against ETH.
On May 7th, 2023, XRP experienced a loss of support at the $0.45 level, causing its price to hover just above the critical support level at $0.4128. Adding to the bearish pressure, the 9-day and 20-day EMA lines acted as resistance. These factors have contributed to a challenging market environment for the altcoin.
If XRP fails to maintain its stronghold at the $0.4128 level, it is anticipated to experience a further decline towards the subsequent support level of approximately $0.3849 in the coming days. Conversely, if XRP manages to secure a close above the 9-day EMA line within the next 48 hours, the cryptocurrency will probably endeavor to regain its footing above the $0.45 mark.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
