XRP XRP/USD may have dipped on Monday, but an analyst believes this could be the “ideal” time to enter for those who have not yet invested.
Disclosure: 82% of retail CFD accounts lose money
Ideal Time To Buy The Dip?
The third-largest cryptocurrency by market capitalization fell nearly 4% in the last 24 hours, with trading volume jumping 48%. XRP sharply descended from the highs of $3.33 early morning to an intraday low of $3.12.
However, widely followed cryptocurrency analyst CrediBULL Crypto sees the dip as an “ideal” opportunity to enter the market.
“For those not already in, this [around $3.10] would be “ideal” entry for a position. We are just sitting above it atm but I think we probably dip into it shortly,”
The analyst suggested a potential rebound to range highs or a new all-time high if the zone holds if the highlighted “green zone” holds.
See Also: XRP Up 6% In 1 Week: What Is Going On?
Furthermore, Ali Martinez, another popular chartist and trader, identified $3.27 as a key level for XRP, breaking which could propel it to $3.60.
What Do Derivatives And Technicals Suggest?
Derivatives traders were betting on XRP’s rebound. According to Coinglass, over 75% of top trader accounts on Binance with open XRP positions were positioned long as of this writing.
Meanwhile, the crucial Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a “Sell” signal for XRP, according to TradingView.
On the other hand, the Bull Bear Power indicator, which measures the strength of buyers and sellers, showed a “Neutral” reading.
Price Action: At the time of writing, XRP was trading at $3.15, down 3.98% in the last 24 hours, according to data from Benzinga Pro. The coin has gained 4.62% over the last week and over 12% in the last month.
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