From Cool-Off To Takeoff: How XRP’s Current Value Signals An Imminent Market Triumph
November 21 2023 - 2:00PM
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Ben Armstrong, a well-known crypto analyst and YouTuber has
recently offered an intriguing perspective on XRP’s current trading
value. XRP, a token closely watched in the crypto community,
particularly after its legal battle with the US Securities and
Exchange Commission (SEC), currently trades at around $0.60. While
this figure might not represent an all-time high, Armstrong
highlights why this price point might be pivotal for XRP. Related
Reading: 3 Altcoins Set To Skyrocket In Next Crypto Bull Run,
According To Analyst The Bigger Picture: Institutional Interest And
Market Dynamics Armstrong’s analysis begins with the “adamantium”
support level of $0.60 for XRP. Drawing an analogy with the
fictional character Wolverine, who famously recovers from severe
damage, Armstrong sees XRP’s resilience at this price as a sign of
robustness. Each time XRP’s value dips, it seemingly rebounds from
this critical support level, suggesting a strong market faith in
the token. Armstrong goes beyond price analysis to consider broader
market dynamics in his video. He notes that XRP’s previously traded
price level of $0.62 has become particularly attractive to
institutional and corporate investors. Whale transactions involving
substantial quantities of XRP have increased significantly,
indicating heightened interest from large-scale investors. This
trend aligns with a broader global crypto market cap increase,
suggesting ample liquidity for significant investments. Armstrong
also touches upon the strategic aspect of XRP’s price following
Ripple’s legal victory over the SEC. He posits that a post-verdict
price surge might have limited the token’s accessibility to a
broader audience. However, the current steadier price range, a
retrace of the previously seen $0.72, allows for a more extensive
accumulation of XRP, potentially setting the stage for a
bigger bull run. XRP Latest Price Action XRP’s market
performance has recently shown a notable decline, with its price
falling by over 10% in the past two weeks. At the time of writing,
XRP is trading at approximately $0.605, reflecting a 2.3% decrease
in the past 24 hours. Despite a significant bullish trend earlier
this year, where it surged by 70.3% year to date, XRP remains
substantially lower, down by 82.20%, from its all-time high of
$3.40 in 2018. This downward trend extends beyond just XRP’s price.
The past two weeks have also decreased the asset’s daily trading
volume, descending from highs of around $2.5 billion early last
week to roughly $1.1 billion in the past 24 hours. Related Reading:
Wall Street Expert Predicts Ripple IPO Date This decline in trading
volume may signal a decrease in investor interest or market
activity surrounding the asset, contributing to its reduced price.
Moreover, the broader crypto market has seen a mix of volatility
and bearish trends, which might influence XRP’s performance. So
far, Bitcoin has also declined by 2% in the past 24 hours,
resulting in the drawdown of the global crypto market cap of 1.3%
over the same period. Featured image from Unsplash, Chart from
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