XRP: Social Buzz Points To $0.70, But Technicals Predict Dip To $0.50 First

Christian Encila

1 year ago

2 mins read

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XRP cryptocurrency value of Ripple has changed drastically recently. Though an 8% price drop over the past 60 days, discussions on the coin are flourishing and have peaked since early April. This begs the issue of whether XRP will experience a price surge or if the current online conversation is only meaningless babble that will finally dissipate.

Social Media Frenzy

The scene on social media around XRP is busy. According to Santiment data, XRP’s social dominance is rising, hence discussions about XRP are surpassing those about other cryptocurrencies.

Historically, this digital watercooler effect has matched rising prices. Similar social media hype in December 2023 and March 2024 preceded XRP’s swings to $0.66 and $0.71 respectively. Those who are passionate about this trend hope it is accurate, so maybe bringing the price back to the $0.70 level.

Some analysts, however, are casting cold water on this social media craze. Unquestionably, there is conversation, but the attitude underlying it seems less than passionate.

Santiment’s Weighted Sentiment metric paints a picture of a lukewarm market, with a reading of minus 0.78 indicating a slightly negative overall view. This negativity could dampen any potential price rise fueled by social media hype.

XRP price action in the last month. Source: Coingecko

Technical Outlook: Golden Cross Or Grim Reaper’s Embrace?

Technical study presents a mixed picture for XRP; the art of reading price charts for hints is not perfect. Positively, there has lately been a “golden cross,” when the 20-day exponential moving average (EMA) crosses over the 50-day EMA.

Usually considered as a positive indication of a possible price rise, this is Should XRP be able to overcome the resistance level at $0.56, a surge towards the sought-after $0.70 pricing target could be in store.

Total crypto market cap currently at $2.5 trillion. Chart: TradingView

The Moving Average Convergence Divergence (MACD) indicator, meantime, is negative right now, implying that the bulls lack obvious superiority. Before any possible rebound, XRP can withdraw to the $0.50 support level in this technical tug-of- war.

The Verdict: Buckle Up For A Bumpy Ride

XRP’s future seems to be precocious on balance. Social media chatter points to a possible price explosion, while negative attitude and dubious technical signs throw shadows of uncertainty.

Investors should get ready for a maybe rocky journey. Although a price rise to $0.70 is not out of the reach, a dip to $0.50 or even less cannot be totally ignored.

Featured image from Unsplash, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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