$XRP (CRYPTO: XRP ) may have seen a sharp decline on Monday, but one analyst believes this could be the “ideal” time for those who haven’t yet invested to get into the market.
✨Is this the ideal time to buy the token during the dip?
The world's third-largest cryptocurrency by market capitalization has seen a decline of about 5% over the past 24 hours, with trading volume increasing by 48%. XRP has fallen sharply from early morning highs of $3.33 to an intraday low of $3.12.
However, widely followed crypto analyst CrediBULL Crypto sees the drop as an “ideal” opportunity to enter the market.
"For those who haven't already gotten in, this [around $3.10] would be the 'ideal' time to open a position. We're just above it right now, but I think we'll probably go lower soon."
The analyst suggested a potential rebound towards the highs or a new all-time high if the green highlighted zone holds.
Furthermore, Ali Martinez, another famous chartist and trader, identified $3.27 as a key level for XRP, a breach of which could push it to $ 3.60.
✨What do the derivatives and technical data suggest?
Derivatives traders were betting on an XRP rebound. According to Coinglass, over 75% of top Binance trader accounts with open XRP positions were long at the time of writing.
Meanwhile, the crucial Moving Average Convergence Divergence indicator, which compares two exponential moving averages of the price, has issued 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” value.
✨XRP Price
At the time of writing, XRP is trading at $3.15, down 4.98% over the past 24 hours, according to data from Benzinga Pro . The token has gained 4.62% over the past week and over 12% over the past month.
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