XRP had seen impressive gains after a partial win in its lawsuit with the SEC. However, the favorite altcoin has since lost around 30% of its value. It seems that initial enthusiasm around Ripple has waned. However, investors began to think that XRP in its current form carries significant risks and became reluctant to buy it.

Is XRP ready for a new rally?
There are two main reasons why analysts have bullish forecasts. First, the intensity of the bearish momentum seems to be decreasing. The price drop is not as aggressive as it used to be, meaning the bears may be losing their grip. This scenario presents a good opportunity for the bulls to step in and start accumulating lower prices.
Second, the $0.6 level coincides with the 50 Exponential Moving Average (EMA), a technical indicator commonly used by traders to identify potential support and resistance levels. The convergence of this indicator with a decreasing bearish dynamic could signal the presence of strong support for XRP price.
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