Even though several assets in the crypto market have started to taper off their previous gains, the downturn may offer a renewed opportunity for investors who had been monitoring some of them and, for various reasons, opted to make a purchase at a lower price; a missed chance that includes XRP.
Thank you for reading this post, don't forget to subscribe!Remarkably, as pointed out by crypto analyst Michael van de Poppe on November 7th, which was seen here.
another opportunity to make a purchase
Having mentioned that, in line with the opinion of the expert crypto trader, if this scenario indeed materializes, it would not necessarily be detrimental for the asset in the long term, but rather signify “another instance to become a buyer” of the fifth largest cryptocurrency by market capitalization, for those who failed to acquire it at a lower price.
XRP Price Action Analysis. Source: Michael Van De Poppe
As pointed out by Van de Poppe, the XRP token observed a “significant impulse” due to the news of the United States Securities and Exchange Commission (SEC) withdrawing from the case against Ripple’s top executives, Brad Garlinghouse and Chris Larsen, which allowed the bag holders to “dispose of their bags.”
“However, given the lack of market interest, people are conservative, hence corrections are relatively substantial compared to shallow corrections in bullish cycles.”
In the analyst’s words, this signifies a moment to “evaluate higher time-frames and explore those ‘obvious’ opportunities,” which he elaborated “corresponds to a period where investors begin to lose confidence again.”
Meanwhile, the vicinity around $0.5393, forecasted by Van de Poppe as a target for a potential correction, presents a “retest and most indicative on the weekly time frame,” in addition to representing the favorable anticipated value (+EV) for taking entries in the upcoming cycle.
xrp price analysis
As of the time of writing, it was announced on 8 November.
XRP 24-hour price chart. Source: finbold
Indeed, dwindling interest in crypto markets is gradually prompting a discussion about the rating.
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Source: finbold.com
