The post Is XRP Price Due for a Rebound? Analyst Maps Next Levels appeared first on Coinpedia Fintech News
In the wake of the groundbreaking summary judgment in the SEC vs. Ripple case this July, XRP experienced a dramatic rollercoaster ride, surging over 100 percent initially only to subsequently erase all those gains. This legal development has left the cryptocurrency community buzzing, especially when it comes to analyzing its price action.
Recent reports from crypto market experts reveal that XRP’s value plummeted to as low as 46 cents during early trading in New York on Monday. The prevailing bearish sentiment surrounding XRP is primarily attributed to a series of uncertainties, coupled with stiff competition from other digital assets offering similar cross-border solutions.
XRP Price Action: A Statistical Perspective
Respected digital asset analyst Egrag Crypto, boasting a substantial following of over 35,000 enthusiasts on the X platform, has offered a fresh perspective on XRP’s current market correction. Employing the widely recognized Heikin Ashi method, this analyst meticulously analyzed all the corrections that followed a three-week rally in XRP’s history. The outcome of this analysis revealed that, on average, XRP experienced a drop of approximately 51.045 percent during these correction phases.
Significantly, the ongoing correction in XRP has reached approximately 53 percent, placing it in line with the historical average decline after a minimum of three weeks of bullish momentum. Based on these data-driven findings, the analyst has drawn a promising conclusion: a price rebound appears imminent in the coming weeks.
Nevertheless, it’s essential to note that XRP’s price may continue to dip, potentially reaching as low as 40 cents before securing a significant recovery. Additionally, historical data indicates that September, especially in the pre-halving year, tends to be a bearish month for the broader cryptocurrency market.
In summary, XRP’s price action remains a hot topic within the crypto sphere, with market experts closely monitoring its movements and offering valuable insights into its future trajectory.