XRP’s Viability as a Trading Asset Questioned ⚠️
Cryptocurrency analyst Josh Olszewicz has raised doubts about whether Ripple’s XRP can be considered a profitable trading asset. He pointed out the lackluster performance of the cryptocurrency, describing it as “dead money” due to its price stagnation since 2018.
XRP’s Profit Potential Questioned 🤔
Despite an attempt at a breakout on March 11, XRP faced resistance and failed to sustain higher levels, dropping below $0.42. This situation set the stage for a possible retest of the support level at $0.32, indicating ongoing challenges for XRP traders.
- The digital currency tried to rally but failed to surpass $0.66.
- Intense selling pressure led to a dip in price below $0.42.
- A possible retest of the support level at $0.32 is on the horizon.
“XRP is at the same price it was since 2018… it’s dead right; it’s dead money… It just doesn’t make any sense to me why anybody would trade it unless they have a really good reason,” Olszewicz said.
Olszewicz’s analysis points to a bearish trend on weekly charts and inconsistent daily movements, adding complexity to XRP trading. The current trading environment for XRP remains challenging with no clear catalysts for significant price movements.
XRP’s Future Outlook 📉
If XRP manages to hold at $0.42 and breaks the Ichimoku Cloud at $0.87, it could signal a weakening bearish trend. However, given the market dynamics, this outcome seems less probable. Olszewicz’s perspective suggests that XRP’s price may continue to fluctuate within a narrow range without major catalysts for substantial gains.
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