XRP Faces Challenges Amidst Market Turmoil
XRP experienced a significant drop in value following the Federal Reserve minutes and SpaceX’s Bitcoin write-down. Additionally, the Ripple – SEC lawsuit took a turn as the judge granted the agency permission to appeal the ruling, causing further sell-off. However, financial expert Linda P. Jones believes that selling XRP now would be a mistake. She compares the cryptocurrency to early stocks of Apple and Microsoft, suggesting that it could benefit from a projected $14.5 trillion influx into digital assets by 2025.
XRP’s Current Situation
XRP briefly climbed above $0.55 but has retraced to $0.52 due to a lack of bullish momentum. The Moving Average Convergence Divergence (MACD) indicates a sell signal, making further losses below $0.50 likely. However, there is hope for a potential bull run if XRP breaks above the psychological resistance at $1. Investors should consider booking profits as XRP recovers, targeting $0.6 and $0.8. On the downside, a break below the trendline could result in another sell-off to $0.42, $0.36, and $0.30.
Hot Take: XRP Holds Potential Despite Challenges
Despite the challenges faced by XRP, including market turmoil and the ongoing lawsuit, Linda P. Jones believes that the cryptocurrency holds significant value. With projections of a massive influx of funds into digital assets, selling XRP now would be akin to selling early stocks of Apple and Microsoft. As an investor, you should consider the potential for XRP to benefit from this influx and hold onto your assets for potential future gains.
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