- Ripple’s XRP, like the entire crypto market, is undergoing a correction, but was able to stabilize at $0.55.
- Analysts agree that XRP now offers a favorable entry opportunity before the upward trend continues.
XRP fell by more than 30% from $0.74 to $0.55 at the time of writing after the sharp correction. In the last few hours, the entire crypto market and thus also the XRP price has stabilized. XRP records a minus of 1.79 % within the last 24 hours. The market capitalization has dropped to $25 billion.
As Crypto News Flash reported, XRP rose briefly to $0.90 at Coinbase on Tuesday. Shortly afterwards, however, the price fell after the platform had experienced some technical difficulties. Given the potential, the current situation is a fantastic opportunity for trader and analyst Credible Crypto to enter XRP at a low price. In his opinion, investors will never again be able to buy XRP at such a low price in the coming years.
He explains on Twitter that now all interested parties should buy XRP as long as the cryptocurrency is still in the price range between $0.38 and $0.55:
To be able to buy $XRP anywhere between .38-.55 is a blessing. If you get this chance, you best take it. No guarantees we get the lower end of this range, so DCA’ing down is your best bet.
Credible Crypto is a well known XRP bull and has already in numerous analyses predicted a price increase of more than 1,000% with a target price of $25 to $30. It is remarkable that he also correctly predicted a correction of almost 30%. The analyst states that all investors should be cautious, as XRP has risen by more than 60% compared to BTC and could continue to correct:
In one day, $XRP has moved up 60%+ against $BTC. We may pause for a bit as we are up against key resistance and with BTC approaching a potential local top (once we take out ATH) it’s time to be a bit cautious on $XRP as well and keep our eyes peeled for a dip buying opp.
Trader “Smokey” states that XRP needs to keep support at $0.48 on the weekly chart in order for XRP’s recent upward trend to continue. Should XRP fall below this level, a correction to as low as $0.30 could follow. The following chart shows the respective levels.
XRP enthusiast and trader “Blockchain Backer” describes that XRP has fallen to the last support level and may have found its bottom. In his latest video update, he warns his followers that XRP could face another major correction and that all investors should work with smartly placed stop-loss orders.
XRP corrects back to the support. pic.twitter.com/ywLoZmRiFR
— Blockchain Backer (@BCBacker) November 26, 2020
Important indicators draw bullish future for Ripple
According to the latest data from analyst firm Santiment, Ripple’s XRP outperformed Ethereum in social volume for the first time in seven months. This is the first time daily social volume has exceeded XRP’s, making it the most talked about cryptocurrency behind Bitcoin.
In addition, development activity for the XRPL has increased 5 times over the past 18 months. According to Santiment, last week’s Altcoin rally was not a big surprise, as Altcoins often followed up when Bitcoin took a breather.