CandleFocus

Is it too late to buy XRP after hitting a 7-year high?

Author: Content Editor
XRP, the cryptocurrency affiliated with Ripple, has experienced a surge in price and market capitalization. It has recorded an inflow of $26 billion in the last 24 hours, bringing its market cap to $133 billion. As a result, XRP is now the world's third-largest cryptocurrency. The price of XRP has grown by 20% in the past 24 hours, over 50% in the past week, and over 270% in the last month. While XRP is currently trading at a relatively high price, it still shows potential for further growth. An analyst suggests that the most profitable opportunities usually arise during low volatility and sideways price action. They plan to sell 75% of their XRP holdings and invest in projects with higher upside potential. Despite taking partial profits, the analyst remains bullish on XRP and predicts a potential price target of $4. XRP's recent resurgence has been influenced by factors such as Donald Trump's election victory, Gary Gensler's departure as the SEC Chair, the potential approval of Ripple's RLUSD stablecoin, and speculation surrounding a potential XRP ETF. XRP is now targeting the $3 mark, but the high Relative Strength Index (RSI) suggests a potential correction in the future.

Related News