Ripple (XRP), one of the most affected cryptocurrencies, has experienced significant losses recently, dropping below the $0.60 support level. This decline is attributed to the waning excitement surrounding Bitcoin exchange-traded funds (ETFs).
Analysts predict further declines for XRP in the coming days. Crypto analyst Alan Santana, based on price movements and technical indicators, stated on January 12 that XRP is set to undergo a “very strong correction.” He highlighted a critical rejection point just below the 50-day exponential moving average (EMA) after XRP briefly surpassed $0.6054 on January 11 but closed below it.
Santana’s analysis from January 5 pointed to concerning signs of an impending crash, noting XRP’s consistent drop below the 200-day EMA with a weak Relative Strength Index (RSI) of 34.33, signaling a bearish momentum. He mentioned a notable bullish trend against Bitcoin and XRPNetwork since May 2022.
Furthermore, the crypto analytics firm Santiment highlighted on January 13 that while investors assess the ETF approval chances for ETH or XRP, Cardano’s regular investor optimism seems to be overlooked. At the time of writing, XRP reflected a gain of over 1% in the last 24 hours, trading at $0.58, with a 2% increase in value over the past week.
Despite the recent gains, the outlook for XRP remains cautious, with experts like Santana suggesting that there will be ample opportunity to buy at lower prices and enjoy growth throughout the year, advising to wait for the best entry point upon finding support.