In a recent video, renowned YouTuber and cryptocurrency expert Ben Armstrong enthusiastically urged the Ripple (XRP) community to prepare for a lunar journey. Armstrong, known for his insightful analyses, expressed optimism about XRP’s trajectory, highlighting that the post-SEC victory cooldown might actually be a positive development for the digital asset.
related: Crypto Analyst Bullish on XRP Price: Forecasts $1.35 Target as Metrics Heat Up
Breaking down the current state of affairs, Armstrong noted that XRP was trading around $0.62. While he acknowledged this figure wasn’t particularly crucial for the remittance token, he emphasized the significance of $0.60, dubbing it the “adamantium” support. Drawing a cinematic analogy, he likened XRP to Wolverine, consistently bouncing back from this robust support level after experiencing price downturns.
Armstrong underscored that although $0.62 wasn’t XRP’s peak, it was garnering attention from institutional and corporate investors. Recent whale activity, with approximately $20 million worth of XRP added to portfolios, suggested a strategic accumulation at the current affordable price following a drop from $0.72.
The cryptocurrency pundit also observed the positive implications of the global market cap surge for XRP. The increased liquidity in the market signaled ample funds, allowing significant investors to acquire assets like XRP. This trend was evidenced by substantial XRP whale transactions in recent times.
Armstrong concluded by advocating for a measured approach by Ripple post-SEC victory. He believed that a gradual cooling-off period was beneficial, preventing an abrupt surge in XRP’s price immediately following the court’s favorable decision. This strategic move, he argued, expanded the pool of individuals able to invest in XRP before the onset of the next bullish cycle.
In terms of recent market dynamics, data from CoinMarketCap revealed a 1.51% dip in XRP’s price over the past 24 hours, placing the altcoin at approximately $0.6086 at the time of reporting.
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