XRP - Time to Buy?
The price of the Ripple (XRP) coin is looking quite attractive right now in the eyes of crypto fanatics. Is it the perfect time to buy?
The analysis is based on the retracement of Fibonacci, 50&200 moving averages and trend lines. As seen in the TradingView-powered graph on January 2, 2023, there was a test of the monthly trend line. Based on the back testing, the price grows considerably whenever the it touches the monthly trend line, and the behaviour is not different this time.
After the sharp drop in price at 0.91, approximately till 0.31, the price is moving within a triangular range which is running out and may end up breaking in the coming weeks. In the short term, a possible drop to the 61.8 Fibonacci level (reliable level proven over time) is expected, coinciding with a possible price rejection at the 50-time moving average.
After this, like any triangular shape that’ running out, the price must decide whether to continue to drop down very aggressively or to surge up in a considerable manner, given that most cryptocurrencies move in tandem with BTC and expectations are positive.
Most likely, the price will begin to propel in the next few weeks till at least the price-tag of 0.44. Therefore in conclusion, it may be a great time to sell Ripple (XRP) in the shortest term for daily trading lovers and fanatics, but for the medium-long term, the current price level represents a potential perfect time to buy.
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