In the wake of a 10% decline in XRP’s valuation to the $0.40 mark, the sentiment within the cryptocurrency analyst community remains overwhelmingly positive. They anticipate a potential upswing, drawing parallels with the historical trends and patterns observed in 2017.
Bill Morgan, a staunch advocate for XRP, has capitalized on the recent market downturn by expanding his XRP holdings at slightly above $0.40. He also indicates a readiness to increase his investment should the price further retract to $0.375.
Concurrently, Ripple’s proprietary digital currency, XRP, has experienced a 10% correction, descending to $0.40 at the current time. Crypto News Flash reports that XRP’s weekly depreciation is nearing 15%.
Nevertheless, this market downturn has not dampened the spirits of investors who continue to forecast a bullish future for the altcoin. Drawing from historical data, a number of cryptocurrency analysts foresee an imminent price rally. MikybullCrypto, a prominent analyst on platform X (previously known as Twitter), observes that the forthcoming reversal pattern is reminiscent of the 2017 trajectory. The analyst elaborated:
“The current PA path is on track to replicate the monumental rally of 2017. The prevailing gloomy sentiment only reinforces my belief in such an outcome.”
Echoing this sentiment, another analyst underscored the cyclical pattern analysis from 2017, noting its similarity to the present trend. Tylie Eric, sharing his thoughts on his platform X page, expressed:
“STEP BY STEP. In my view, XRP has successfully met all the criteria to progress with wave 3 of wave 5, emulating its 2017 performance!”
Back in 2017, XRP witnessed a remarkable 1400% surge within a single year, eclipsing Bitcoin’s performance during the same timeframe. The double bottom pattern observed that year propelled XRP’s price to $0.30. Should this pattern persist, we could potentially see prices soar to as much as $35.
However, for the next bull run to commence, XRP’s price needs to consistently exceed $0.50. According to the latest CNF report, the immediate milestone for XRP stands at $0.95.
Bill Morgan: The Pro-XRP Lawyer Who Buys on the Dip
Bill Morgan, a lawyer with a favorable stance towards XRP, remains sanguine amidst the market’s downturn, perceiving it as an opportune moment for investment. His recent actions and comments have sparked a dialogue regarding XRP’s prospective trajectory and strategies to leverage its current volatility.
Morgan, renowned for his support of XRP, disclosed on platform X that he has recently augmented his XRP portfolio at just over $0.40, in light of the ongoing price decline. This move coincides with the altcoin’s struggle to maintain the $0.40 level, amidst a widespread market sell-off.
Unfazed by the market dip, Morgan views it as a chance for strategic investment rather than a loss. He has also hinted at an additional purchasing strategy, aiming to buy more XRP should it hit $0.375.
In a recent post on platform X, Morgan underscored his preparedness for a lower entry point, emphasizing his tactical approach to acquiring XRP at advantageous prices. This approach has found resonance among some of his followers, with one commenting, “That’s a smart strategy. There’s only upside from here. It’s unlikely to fall much further.”
Meanwhile, the ongoing legal tussle between Ripple and the SEC has seen new developments with the recent ruling on Binance’s BNB sales, sparking renewed debate between the SEC and Ripple, as reported by CNF.
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