XRP Crypto Called Oversold, What Is This Indication?

XRP crypto price is predicted to rise after the oversold phase (Cryptocurrencyfare)

JAKARTA – Crypto Ripple (XRP) is said to be still "undervalued" compared to its fundamentals, therefore XRP has great potential to continue to grow. Recently, on-chain data from Sentiment revealed that XRP is being “oversold.”

This shows that Ripple has the opportunity to return to its best performance despite facing a lawsuit from the US Securities and Exchange Commission (SEC). In addition, the massive correction that Bitcoin experienced a few days ago also resulted in a decline in the prices of most other cryptocurrencies including XRP.

📊 Our 'Strong and Oversold' screener indicates some assets are showing signs of having suppressed prices compared to their fundamentals. Our requirements for this list include high market cap, volume, and address activity. $BTC $XRP $HEX $SHIB $WBTC $LTC https://t.co/CUCuCsS1ju pic.twitter.com/ZjWFjqzy3R

— Santiment (@santimentfeed) December 6, 2021

It is said to be oversold when the price of an asset drops to a low level below its true value. This is the impact of the overreaction of traders who do panic selling. Assets that fall in a short time are often called oversold. Therefore, XRP has the potential to return to its normal price.

The lawsuit from the SEC has had an impact on the decline in the price of XRP in the market. This also affected a number of exchanges that chose to delist Ripple from the trading platform. However, market pressure is getting stronger which requires a number of crypto exchanges to list XRP.

Ripple also continues to forge partnerships with companies and banks around the world. The Ripple partnership has expanded across countries to the Middle East starting in 2021.

Last month, Ripple announced it was working with the government of the Republic of Palau to explore the first national digital currency using XRPL. A $250 million “Creator Fund” was launched to tie NFT creators to the XRP Ledger, which could result in new user orientations.

Until now, investors are still waiting for positive results from the XRP vs SEC case. Commenting on this, Ripple CEO Brad Garlinghouse revealed the possibility of the case ending next year.

At the time of writing the XRP cryptocurrency is trading at the level of Rp12,312. The price of XRP has increased by 6.2 percent in the last 24 hours as Coinecko reports.