XRP’s price continues in a bearish state amidst an ongoing broader market selloff. The cryptocurrency market, including leading assets Bitcoin (BTC) and Ethereum (ETH), shows no signs of recovery, with both down by 2.88% and 3.95% to $39,736 and $2,322, respectively.
XRP is also in the bearish league, experiencing a 2.59% drop in the past 24 hours, reaching $0.5218. Market analyst XRP_Shark suggests that XRP may be nearing its bottom and anticipates a potential positive move in the near future.
XRP’s Potential Rebound: Analyst’s Insights
Following the general rule of thumb that suggests a rebound after significant drawdown or selloff, XRP_Shark expresses optimism for an imminent turnaround. The analyst plans to increase holdings in XRP if the price falls within the $0.35 to $0.45 range, considering it as the potential “bottom area of this move down.”
While XRP has not dropped below the $0.45 mark since mid-May 2023, XRP_Shark remains confident in this quoted range being the bottom of the current downturn. In the event of such a drop, the analyst anticipates a “violent” recovery for XRP.
XRP has endured various bearish periods, including the crypto winter. Before the crypto winter, the asset faced challenges in achieving parabolic gains due to the Ripple vs. US SEC lawsuit over its securities status. Although it hasn’t retested the $1 price mark recently, it has consistently defended the $0.3 level. XRP_Shark emphasizes that any drop below the $0.3 mark may lead to an unpleasant surprise for investors overall.
XRP’s Resilience Amid Bearish Trends
Despite the ongoing bearish drawdown affecting various digital currencies, XRP stands out as one of the most established in the market. Its unique status as the only coin recognized by law as a non-security, upheld by Judge Analisa Torres in her July 13 ruling, provides a significant advantage. This legal recognition positions XRP for acceptance by both retail and institutional investors in the long term.
The conversations surrounding a potential spot XRP ETF are gaining momentum within the ecosystem. If realized, this product has the potential to significantly boost sentiment surrounding XRP. Although uncertain, the discussions around a potential XRP ETF highlight the coin’s growing prominence and potential for broader market acceptance.
At the time of writing, XRP’s market cap has experienced a 2.74% decline in the past 24 hours, reaching $28,356,258,471. However, trading volume has seen a notable increase, surging by 77.84% to $1,143,449,004. These metrics indicate dynamic market activity and ongoing discussions about XRP’s role and potential growth.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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