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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Aug 25, 2023 10:07 UTC
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Top Reasons Why XRP Price Might Drop To $0.10 In Coming Days
XRP's value near $0.55 raises concerns about its future as crypto expert NukeCapital predicts a potential drop to $0.10.
Despite predictions of a decline, XRP's support levels hint at limited losses, offering a glimmer of hope .
Recent drops in major tokens highlight the significant impact of overall market conditions on XRP and similar cryptocurrencies.
With its value hovering just below the $0.55 mark, the future trajectory of this digital asset, a topic that consistently sparks discussions, is now facing increased scrutiny. Renowned within the realm of crypto trading, NukeCapital, a prominent expert, has issued a cautionary suggestion to traders, hinting at the possibility of a substantial drop in the XRP price.
Should you be worried? Let’s explore.
Potential Downturn:?
In a recent forecast, NukeCapital has provided insights hinting at the potential decline of XRP’s value, possibly plummeting all the way down to $0.10. According to NukeCapital’s assessment, a buying opportunity might emerge as XRP approaches a mere 10 cents. In the present scenario, with the value standing at $0.509 and having experienced a 3% decrease within a 24-hour span, XRP’s journey seems to be characterized by turbulence.
Market indicators echo NukeCapital’s sentiments. The near-bottom state of XRP is reflected by its relative strength index, which took a dive, reaching 25 over the past weekend. For the coin to regain traction, it might need its 30-day moving average to sink below its 200-day counterpart.
Read More: Ripple and XRP Face Uncertain Future: An Insight into BIS Project Mariana
So… Is there Any Hope?
While the predictions might seem disheartening to XRP enthusiasts, there’s a glimmer of hope. The digital asset’s support levels hint at potential minimal losses in the upcoming phase. Hence, although a dip is forecasted, it might not be a steep cliff but a gradual descent.
Market Blues, Not Just XRP’s
Placing the spotlight solely on XRP would be unjust. The crypto market, in its entirety, has seen major tokens experience significant drops recently. XRP’s current challenges are not isolated events tied to the cryptocurrency or its parent company, Ripple. The broader market currents have a significant role to play in shaping the fate of numerous tokens, XRP being one of them.
Read More: Did the Ripple Vs SEC Lawsuit Set XRP Back by 3 Years?! Here’s the Truth
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