On Friday, the crypto market witnessed an ease from the week-long selling pressure triggered mainly by geopolitical tension in the Middle East. As Bitcoin holds $60000 support, most major altcoins, including XRP, rebound for a fresh price rally. Will the reversal develop into a sustained recovery, like Nvidia stock or selling while waiting for a counterattack?
Is Selling XRP Too Soon a Mistake? Expert Draws Parallels with Nvidia’s Stock Surge
This week, the XRP price witnessed a notable correction from a $0.665 to a $0.506 low on Thursday, accounting for a 23.7% low. The sharp correction can be attributed to the ongoing conflict between Israel and Iran and the U.S. Sec appeal against a previous ruling that fined Ripple $125 million.
Continuing the legal battle could again stall the XRP price recovery and prolong the current consolation. Despite market uncertainty, renowned trader EGRAG recently shared his optimistic view on XRP.
The tweet showcases Nvidia’s stock price chart, emphasizing Cathie Wood’s sell-off of the asset just before a major bull run. The rising demand for AI has significantly boosted the value of Nvidia’s shares, making the timing of the sell-off notable.
Do not be like Cathie Wood who sold her shares in Nvidia here: #XRP #Crypto pic.twitter.com/YM3C3aTmXK
— EGRAG CRYPTO (@egragcrypto) October 3, 2024
With the XRP price trapped in long consolidation, a potential rally could push a major uptrend.
Ripple Eyes 14% Surge as Price Holds Above Crucial $0.5 Support
With an intraday gain of 2%, the XRP price attempts to sustain psychological support above $0.5. The level stands as a crucial accumulation for buyers, as the prior retest drove a 33% surge in September.Â
Therefore, the XRP price reversal from $0.5 could signal the acceleration of the bullish momentum and lead to a 14% surge to challenge the long-coming resistance of the triangle pattern. The potential rally will reclaim the daily Exponential Moving Average (20, 50, 100, 200), bolstering buyers with suitable support.
On the contrary, if XRP breaks below $0.5 support, the selling pressure would intensify and plunge the asset to $0.45 or $0.4
Frequently Asked Questions (FAQs)
Expert comparisons highlight Nvidia’s major bull run after Cathie Wood’s sell-off, suggesting a similar potential for XRP to rally despite recent corrections.
The $0.5 level serves as a crucial psychological support for XRP, potentially replenishing bullish momentum and leading to a 14% surge if buyers can hold the level.
Selling XRP early might be a mistake, as experts compare its potential rally to Nvidia’s post-sell-off surge. Holding at the crucial $0.5 support could lead to a 14% gain, signaling a bullish reversal
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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