Ripple Price Analysis: Has XRP Price Reached the Dip?

The cryptocurrency market is still painted in red nearly a day after the selloff was triggered by investors taking profits.

Bitcoin is struggling with sustaining the price above $17,000, while Ethereum seems poised for losses under $550. On the other hand, Ripple which is in the limelight managed to recover above $0.5 and is trading at $0.52 at the time of writing. 

XRP Price: Is it Buy the Dip Opportunity?

Analyst Credible Crypto, claim that the current situation is a fantastic opportunity for trader and 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 that as long as the cryptocurrency is still in the price range between $0.38 and $0.55 all interested parties should buy XRP.

Another Trader named Smokey, states that XRP Price 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.

XRP enthusiast with Twitter handle Blockchain Backer describes that XRP has fallen to the last support level and may have found its bottom

XRP Price Analysis

At the time of writing, XRP is trading at $23,658.53 with a 23% surge. The token is currently holding a market cap value of $708,993,151 with $874,111,615 trading volume.

XRP will likely continue with the downtrend, especially if the support levels at the 50 SMA and $0.5 cave to the selling pressure.

If Ripple assumes stability, bulls will have ample time to focus on increasing the demand, which might help elevate the token above the resistance envisaged at $0.6 and $0.7.