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Ripple’s XRP Silences Doubters With Explosive 25% Rally in Days

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TL;DR

  • The unpredictability of the cryptocurrency market strikes again as Ripple’s native token just proved a few analysts wrong with a massive surge.
  • This came less than a week after predictions about a price dip to and below $2.4.

Analysts Get it Wrong

Recall that just a few days ago, CryptoPotato cited several metrics posted by a renowned analyst about a potential price drop for XRP. The asset had already declined by 20% from its all-time high marked in mid-July and struggled to remain above $2.8.

It had lost the crucial $3 support, whales were selling off en masse, the MVRV had created a death cross, and the TD Sequential was flashing a sell signal. Consequently, the overall anticipation was that a pullback toward $2.4 and even lower would occur if that support level cracked.

However, that hasn’t been the case. Just the opposite; XRP remained solid around $2.8 for a few days and climbed toward $3 by Thursday. Santiment attributed this “silent” price recovery to an explosive rise in network activity.

The real price pump transpired in the past day or so, following news that Ripple and the SEC have jointly dropped their appeals in the court battle between the two. This means that the lawsuit, which started nearly five years ago, has finally come to an end, months after Ripple’s CEO said it had finished.

Another impressive development for the company was announced yesterday, as Ripple had agreed to purchase the payments provider Rail for $200 million.

The Unpredictability

This article is not intended as a shot against analysts who get it wrong sometimes, especially those who have a proven track record and a sizeable number of followers. Instead, it should serve more as a reminder about the unpredictable nature of the digital asset market.

Aside from the aforementioned bearish signs for XRP, the entire market was shaky following the latest global uncertainties prompted by Trump’s macro policies. However, unexpected news, such as the closure of the SEC lawsuit, can send the underlying asset flying, and this is the dark horse that cannot be predicted and can leave traders in shambles if they follow any tips blindly and overdo their respective positions (especially when using leverage).

Inlägget Ripple’s XRP Silences Doubters With Explosive 25% Rally in Days publicerades först på CryptoPotato.

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