Ripple’s XRP is down by over 40% from the highs of January, but bulls are hopeful that a strong recovery towards $2 is on its way.
Ripple’s price has been on the decline for some time now. Despite this, there are still investors who believe in the cryptocurrency and remain hopeful of a strong recovery towards $2.
The August 25 correction has not spared the Ripple price.
While the drop is unsurprising given the coin’s stellar performance in recent weeks, today’s drop may provide better entry opportunities for optimistic bulls—and permabulls—who believe the currency is underperforming.
Market Performance and Price Status of Ripple
Many secondary variables have a direct impact on the price of Ripple.
One of them is Bitcoin’s performance.
The price of digital gold is linked to cryptocurrencies, with XRP being one of the most popular.
Today’s drop in Bitcoin prices from $50k is a result of XRP and altcoins in general, which have seen significant retracements from their August 2023 highs.
The Ripple price, for example, is down 7% from the previous trading day as of this writing.
There has been a surge in selling trade volumes as a result of the fear of future rises, putting pressure on the currency.
BTC, on the other hand, is down just 4%. This amplified loss of altcoins is directly related to liquidity, of which Bitcoin is well ahead of new and even legacy projects.
XRP prices are collecting inside a $0.35 zone, according to the Ripple technical analysis of the daily chart, with obvious limits at $1.35 on the upside—August 2023 highs—and the psychological round number of $1 on the lower end.
Since there was a follow-through in the early Asian and European sessions, the bearish engulfing bar of August 24 seemed to have pushed buyers to the sidelines.
The response at $1 and $0.90—on the low end—and $1.35—August 2023 highs—on the high end—determines how Ripple performs in the short to medium term.
In a buy trend continuation pattern, if buyers emerge on top—which Ripple traders believe will happen—XRP prices may gallop ahead towards $1.90.
Investing in Ripple Is Similar To Purchasing Amazon Stock In The 1990s
This is exactly what one Twitter trader believes.
Investing in XRP, according to the Ripple bulls, is similar to investing in Amazon in the 1990s. Those who did so are wealthy, and their lives have been changed.
Investing in #XRP now is similar to investing in Amazon in the 1990s.
August 24, 2023 — JackTheRippler (@RippleXrpie)
The proponent based his arguments on basic characteristics of Ripple as a solution. Ripple’s ODL, which is based on XRP, has the potential to form the backbone of the trillion-dollar Forex market.
The Ripple enthusiast previously said that he had “diamond hands” and would not liquidate despite selling pressure.
If you have diamond hands, retweet!
#XRP PUMP #XRP PUMP #XRP PUMP #XRP PUMP #XRP
August 19, 2023 — JackTheRippler (@RippleXrpie)
“Relax And Take a Deep Breath”
This is what one trader believes is the most logical thing to do in the face of liquidation, based on the daily chart’s evolution.
Take a deep breath and relax. pic.twitter.com/7bxEKt8vNh $XRPUSD
August 25, 2023 — Crypto Maniac 101 (@C M 101)
Technically, the XRP/USD price is moving within a bull flag—a wedge—based on price activity in lower time frames. Despite losses, the trader notices that the Ripple price is responding strongly from the lower support trend line. It’s a positive step that may help to fuel and revive purchasing pressure in the coming days.
To confirm the bullish breakout pattern, XRP bulls must take advantage of these dips, ratcheting up and fanning demand.
$XRPUSD Here’s another way to think about it… as a kind of assistance
Just to let you know, this is a very bullish image. twitter.com/lfgwe2S8z5
August 21, 2023 — Crypto Maniac 101 (@C M 101)
Ripple is Expected To Hit $100 By The End of 2023
Based on technical analysis on the weekly chart, another trader believes the XRP price will hit $100 before the end of the year.
Ripple prices are in the third wave of the 1-2-3-4-5 impulse wave, which is expected to peak above $100, according to the expert. After then, Ripple will enter a three-year bear market that will last until 2026.
Trading View provided the charts.
Disclosure: The author’s opinion is his or her own. Make your own investigation.
The xrp news today is a cryptocurrency that has seen a sharp decline in value. Ripple retraced, but the bulls are hopeful of a strong recovery towards $2.