XRP Price Analysis: Analyst Draws Parallels Between XRP and Nvidia — $100 XRP Possible?
Ripple (XRP) has been grappling with a persistent downtrend, recently finding mild support at $0.5250. Despite the slight recovery, XRP price has lost 24% over the past week, plunging from $0.67 to a low of $0.51
XRP (XRP) experienced a sharp decline of around 12.75% over the past 24 hours.
Hitting a one month low of $0.511 on October 3rd. This drop followed increased sell offs by traders in response to the United States Securities.#โหนกระแส #XRP #CryptoNews pic.twitter.com/i7L0CHDL3q
This sharp decline is largely influenced by heightened geopolitical tensions, including the ongoing Israel-Iran conflict and the U.S. Securities and Exchange Commission’s (SEC) renewed efforts to appeal a previous ruling that imposed a $125 million fine on Ripple.
Amid this turbulence, crypto markets are stabilizing, with Bitcoin maintaining its $62,000 support, which has contributed to a partial rebound in major altcoins, including XRP.
Market analysts like EGRAG see similarities between XRP’s current trend and Nvidia’s previous price action, suggesting the recent downturn may be temporary. Increased adoption of Ripple’s technology and potential legal resolutions could fuel a strong recovery, possibly pushing XRP’s value higher in the coming months.
XRP has seen a sharp decline, dropping from $0.67 to $0.51, a 24% decrease, due to geopolitical tensions and the U.S. SEC’s renewed appeal against Ripple. The price hit a one-month low of $0.53, down 19% since September 30.
Despite the downturn, analyst EGRAG remains optimistic, drawing comparisons between XRP and Nvidia’s past recovery.
He notes that the $0.50 support level is crucial for buyers, as a rebound could trigger a 14% rise. If XRP falls below this support, it may face increased selling
Read more on cryptonews.com
