The price of However, this has not completely eradicated the bullish sentiment surrounding the coin. Despite losing support at $1.5 and the crash continuing to deepen, one crypto analyst, known as Crypto Luke on Platform X (formerly Twitter), does not believe the price will eventually drop below $1.
Why XRP Price Might Not Drop Below $1
In the post shared on X, Crypto Luke explained why they are still bullish on the price of XRP and gave the reasons why the altcoin is unlikely to fall below $1. The first of these is the fact that the price of XRP formed a larger and larger trend and continued to defend it.
Usually, such advocacy of the expanded wedge model means that there is high demand in the market. Thus, the bulls are able to sustain the price above key support levels, which could help sustain the rally staged by the digital asset.
Another reason given by the crypto analyst is the fact that XRP Stochastic continues to turn towards the bullish side. Additionally, the RSI remains “strong,” meaning the price is unlikely to decline. It is rather likely that it will move upwards.
Instead of prices collapsing, the crypto analyst says it’s like something is changing. This could be explained by the recent price recovery, driven by the further rise in Bitcoin and Ethereum prices. Given the recent strength, the analyst says XRP does not look like a chart ready to collapse.
Highlighting some major bullish catalysts, the crypto analyst says liquidity is starting to return to XRP. This could also explain its recent rise, as liquidity is the lifeblood of any uptrend. As a result, the analyst believes that it is better to buy XRP rather than sell it at these levels.
For its part, XRP optics are starting to move towards an uptrend, especially with ongoing purchases. XRP ETFs have already seen more inflows than outflows this month, suggesting that institutions are now choosing to buy rather than sell. “I’m not saying it will get crazy tomorrow… but I’d rather be here than pursue it later,” the crypto analyst said.
Featured image of Dall.E, chart by TradingView.com
Editorial process as Bitcoinist focuses on providing thoroughly researched, accurate and unbiased content. We follow strict sourcing standards and every page undergoes careful review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance and value of our content to our readers.
