XRP Price Prediction: Ripple Could Offer the Biggest Rebound after the Vast Selloff
- Ripple price sustains the uptrend above $0.6 despite the barrier at $0.7.
- Short-term technical indicators will likely flip bullish in the near term.
- Investors must be aware of the declining network growth based on data from Santiment.
Ripple trades at $0.63 at the time of writing and after running into a barrier slightly below $0.7. The recoil from $0.52 allowed bulls to gasp for air but investors are still drowning in the deep sea waters. A daily close above $0.7 perhaps will trigger more buy orders as speculation for the ultimate lift to $1 gains traction.
Ripple price technical levels hold steady
The four-hour chart reveals a bullish Moving Average Convergence Divergence (MACD) indicator. However, following the selloff to $0.52, the MACD slumped below the zero line, adding credence to the bearish outlook. Moreover, a sell signal was triggered when the MACD line (blue) crossed above the signal line.
Meanwhile, the trend momentum indicator appears to have flipped bullish as the MACD line moved above the signal line, thus validating the uptrend. Additionally, as the technical tool approaches the zero line, the uptrend is expected to take root.
XRP/USD four-hour chart
The ongoing recovery is accentuated by the Relative Strength Index (RSI) as it nears the midline. The uplift from the oversold region allowed bulls to gain more ground, and if the RSI stretches toward the overbought area, their aggressiveness may soar and catapult Ripple price above $0.7.
The TD Sequential indicator has flashed a buy signal on the daily chart. This call to sell manifested in a red nine candlestick. Its emergence infers that the bearish trend is fading while bulls get ready to take control.
It is worth mentioning that TD Sequential provides traders with precise entry and exit positions. However, it must be accompanied by other support technical indicators to validate the buy or sell signal. With the MACD having a bullish impulse on the four-hour chart, Ripple is likely in the buy zone waiting to be bolstered significantly upward.
XRP/USD daily chart
What could invalidate Ripple price recovery?
According to Santiment, Ripple’s network growth has continued to fall since its 30-day high of roughly 7,800 newly-created addresses per day, recorded on May 24. On June 23, only 2,055 addresses joined the XRP Ledger.
Ripple network growth bearish signal
A comprehensive look at the network growth metric highlights a negative impact on the price. In other words, as long as the number of new addresses is dropping, Ripple price recovery is in jeopardy.