- Despite a year-long double-digit decline, XRP and LUNC may be poised for a rebound.
- XRP could potentially drop below $0.52, while LUNC might rise to $0.00011.
- Traders are closely monitoring these tokens, anticipating a potential market shift.
Explore the recent performance of Ripple (XRP) and Terra Classic (LUNC), as well as their potential for future growth in the volatile crypto market.
Underwhelming Performance of XRP and LUNC
Two cryptocurrencies that have notably underperformed this year are Ripple (XRP) and Terra Classic (LUNC). On a Year-To-Date (YTD) basis, LUNC has seen a decrease in price by 25.86%. XRP has also struggled, losing 16.16% of its value since the start of the year. Despite these setbacks, traders are closely watching these tokens, speculating on when the downward trend might reverse.
Short to Mid-Term Potential of XRP and LUNC
In this analysis, we delve deeper into the short to mid-term potential of XRP and LUNC. At press time, XRP’s price was $0.52, a level reached after sellers exhausted at $0.49 and bulls broke through the $0.51 resistance. However, another resistance at $0.54 looms. If bulls can overcome this, the token might rise to $0.59. Failure to do so could send XRP’s price back to $0.50.
Market Indicators and Predictions
The Relative Strength Index (RSI) for XRP was above the neutral line, indicating that buying momentum remains. If the RSI reading increases, XRP might reach the $0.54 resistance. Conversely, if the indicator drops, the price might fluctuate between $0.50 and $0.52. The Awesome Oscillator (AO) showed red histogram bars, suggesting a potential downward momentum. If this occurs, the prediction of $0.54 could be invalidated.
Conclusion
Despite a challenging year for XRP and LUNC, the potential for a market shift remains. Traders are closely monitoring these tokens, anticipating a potential rebound. As always, the volatile nature of the crypto market requires careful analysis and consideration.
