XRP Retests $0.50; Should You Wait for Bulls?

XRP Retests $0.50; Should You Wait for Bulls?

Visit here to know how long will the selling pressure continue and future XRP predictions!XRP Price AnalysisXRP price trend in recent months has been chiefly consolidative, but things started to worsen as XRP breached its 100 DMA curve in April 2022. The indication for a possible sell-off was evident but not clear since RSI was mostly trading in the danger zones for the past few weeks.

The sell-off pushed XRP below $0.50 for a few hours on May 09, when XRP lost 14% of its market value. Hence, with a new low, it is now available for a discounted price compared to a month ago.

Although transaction volumes are declining, the actual users of XRP are benefitted only when the price of the XRP token is lesser since they are more concerned with the successful completion of their transaction using the XRP token rather than its price.

A non-security label would help Ripple scale its payments ecosystem without the risk of federal trials. RSI is showing initial signs of recovery, but XRP price is still at dangerous levels for bulk investments.

Alternatively, buyers should try to average out their holding pattern. $0.20 was the lowest value of 2021, and the same can be seen again if the price fall continues for XRP.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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