As the market continues to rally, many begin to feel that they have missed the chance to get in early on their favorite altcoins, including XRP. However, a prominent crypto analyst has provided hope to those still looking to get in on the token as he talks of the possibility of a correction and the ideal price to accumulate the crypto token.
The Right Time To Be A “Buyer”
In a post shared on his X (formerly Twitter) platform, the CEO and founder of MN Trading, Michaël van de Poppe, acknowledged how the price of XRP has been rallying in recent times. He further went on to hint at the fact that XRP has always corrected whenever it experienced such rallies. The one that he pinpointed was when the token corrected from $0.93 to $0.45 before its resurgence.
As such, his belief seems to be that the XRP will dip once again. This time, he stated that an ideal time to be a buyer will be if XRP is able to correct to around $0.54.
However, many in the XRP community will be hoping that XRP continues to rally from henceforth, especially considering that it just recently hit the $0.7 price mark. The technical and fundamental analysis surrounding the XRP ecosystem seems to be bullish, with many predicting more upward trend from the $0.7 mark.
In a recent X post, renowned crypto analyst Egrag, who had predicted that a god candle was coming for XRP, mentioned that that XRP just witnessed an “exciting development.” This is because the 21 Exponential Moving Average (EMA) has crossed over the 55 MA. According to him, this “bullish crossover” historically signifies the beginning of “significant price explosions.”
Source: X
To consolidate this development, he stated how XRP closing above the $51.3 billion Fib 0.702 level was critical as it could be the “watershed moment for our victory.”
XRP Fundamentals Are Also Bullish
The Ripple Swell Conference 2023 is currently ongoing, and the event has lived up to the hype following Ripple’s latest announcements. Apart from the rebranding of its payment service as Ripple Payments, the crypto company also announced how its partner Onafriq will begin utilizing its payment service. This move would see Ripple open up the cross-border payments structure across three continents: Africa, Europe, and Australia.
The crypto company is also expected to make more announcements before the conference comes to a close on November 9. Ripple isn’t resting on its laurels, as the company feels more confident than ever to keep expanding. By extension, this will increase the utility of the XRP token, which is an important piece in its Ripple Payments service.
Token price readies to retest $0.7 | Source: XRPUSD on Tradingview.com
Featured image from Decrypt, chart from Tradingview.com