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Highlights
- XRP started the day at a low point but was the only one to see green on Wednesday.
- The token is up by 1.69% at the time of writing (BST 11:30 am) as per CoinMarketCap.
- Experts predict expecting short-term gains from XRP would be futile and it would be wise to hold it for the long run.
With the crypto market witnessing a flash crash on Wednesday, where top cryptos such as Bitcoin, Ethereum, Cardano etc. saw red in the trading session. At present, Bitcoin is well below the US$60,000 mark, Ethereum is at a risk of losing out on its US$4,000 mark (if the slide continues), Binance Coin is down by 3.48%. Now, it is the time for cryptos such as XRP to make their mark on the market.
XRP, which has started the day at a low point, is now perhaps the only one to see the colour green and is up by 1.69% at the time of writing (BST 11:30 am). Market experts for quite a while, have predicted it’s time for XRP to break out from its bearish phase.
The bears, at the moment though, seem to be pulling its weight pushing the bulls on a down. Market experts predict that it’s only a matter of time that bull will rise again, and advise the XRP users to hold on to their horses and not go into a panic selling mode.
Image source: Trading view
In fact, if one were to look at the chart, the RSI (relative strength index) indicates that it has been a continuous downward slide for XRP and though it briefly managed to pull itself up. But it has struggled to continue the momentum in the long run. Currently, RSI worm is down at 42.95 indicating that bears are in complete control with bulls nowhere near to stopping the slide.
Also read: Binance crypto ad: Appeasing regulators or advocating future?
The Moving Average Convergence Divergence (MACD) too shows a battle between the bulls and bears with the red histogram indicating that the latter having its noses ahead. Even though the signal line (blue line) did cross with the red line, on 14 November, but the red histogram has largely, managed to stay on top in the past couple of days. Volume wise too the 24-hour trading volume indicate that is down by 7.38%.
The battle between XRP and SEC
XRP and the US Securities and Exchange Commission have been at loggerheads since 2020. The SEC had filed a complaint that Ripple since 2013 has been involved in unauthorised transactions without registering the offering. XRP investors did get cold feet due to this complaint with many of them withdrawing their XRPs from the market.
But a recent news favouring XRP has lifted few spirits. Experts feel that if XRP wins the battle, it will be a huge boost to the crypto ecosystem. This could very well start a positive rally for XRP and there could be a chance that it reaches new highs.
Also read: 3 meme-based tokens flying high this week
What should investors do?
Well, experts are predicting a breakout for XRP soon and suggest that it would be wise for the investors to hold instead get into the panic selling or panic buying mode. Experts predict that XRP could be at a stage where XRP due to the low volatility could indicate towards a phase of accumulation. So, when the rally comes, it could well be one of the strongest coins to watch out for.
On Wednesday, at the time of writing (BST 11:30 am), XRP was trading at US$1.11 with a 24-hour trading volume of US$4,008,397,835. It was up by 1.69% in the last 24 hours with a live market cap of US$52,130,931,696.
Conclusion
XRP is still a strong coin as far as the fundamentals are concerned. All it needs a breakout phase wherein it can kickstart the rally and that could come very soon once the SEC vs XRP verdict comes out. For now, it would be advisable for the investors to hold their XRP and see where it goes.
