As a seasoned researcher with over two decades of experience in the financial markets, I’ve witnessed countless instances where selling too soon can be a costly mistake – and the XRP market seems to echo this sentiment. The recent correction in XRP price, although disheartening, bears striking resemblance to the infamous sell-off of Nvidia shares by Cathie Wood just before its meteoric rise.
On Friday, the crypto market experienced relief from a week-long selling spree, primarily due to geopolitical tension in the Middle East. As Bitcoin maintains its $60,000 support level, major altcoins like XRP have bounced back, initiating a new price surge. Will this reversal lead to a sustained recovery, reminiscent of Nvidia’s stock growth, or should we sell and wait for a counterattack?
Is Selling XRP Too Soon a Mistake? Expert Draws Parallels with Nvidia’s Stock Surge
This week, the price of XRP saw a significant drop from about $0.665 to a low of $0.506 on Thursday, marking a 23.7% decrease. This steep decline can be linked to the escalating tensions between Israel and Iran, as well as the U.S. Securities and Exchange Commission’s (SEC) challenge against an earlier decision that imposed a fine of $125 million on Ripple.
Prolonging the court case may once more delay the upward trend of XRP prices, keeping the current downturn ongoing. Even amid market volatility, respected trader EGRAG has expressed a positive outlook regarding XRP.
The tweet showcases Nvidia’s stock price chart, emphasizing Cathie Wood’s sell-off of the asset just before a major bull run. The rising demand for AI has significantly boosted the value of Nvidia’s shares, making the timing of the sell-off notable.
Do not be like Cathie Wood who sold her shares in Nvidia here: #XRP #Crypto
— EGRAG CRYPTO (@egragcrypto) October 3, 2024
With the XRP price trapped in long consolidation, a potential rally could push a major uptrend.
Ripple Eyes 14% Surge as Price Holds Above Crucial $0.5 Support
In a day’s trading, the price of XRP increases by 2%. It’s now trying to maintain a significant buying point at around $0.5. This level is critical because previous tests led to a massive jump of approximately 33% in September, suggesting it as a key accumulation area for buyers.
Consequently, the increase in XRP price from $0.5 might indicate a speed-up in bullish trends, potentially triggering a 14% rise to attempt breaking through the triangle pattern’s long-standing resistance. If this happens, the anticipated rally could recover key moving averages (20, 50, 100, 200), providing reinforcement for buyers and establishing supportive bases.
Conversely, should XRP drop below its $0.5 support level, the selling momentum might increase significantly, potentially driving the price down to either $0.45 or even $0.4.
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2024-10-05 00:37