There is a black swan case in Ripple. According to Chris Larsen, the co - founder of Ripple, his personal wallet was comprimised and the funds stolen, approximately 213M XRP tokens, were transferred to several exchanges.
Upon realizing the unauthorized activities, the co - founder claimed that necessary actions were taken and the legal produce was followed. Once the news dropped to Crypto Twitter, the coin had lost around 5% due to the fear.
One of the reasons why XRP experienced a huge sell - off is directly because of the poor performance the coin has been performing since October 2023. Though the majority of the coins in the market were able to make at least 2x, the investors of XRP were terribly disappointed meanwhile. Whenever the coin tested important resistance levels, it got rejected.
Yesterday CoinTelegraph published an extremely bearish post and gave several reasons why people should sell XRP because it may drop even more 50% pretty soon. It sounds ridiculous but a crypto news website did it to boost the drop in the price of XRP. Yet, XRP stays strong above $0.50 for a very long time. Obviously, we are witnessing an unpopular war between policy makers and Ripple which has been stirred up by the crypto news platforms.
Shaking the Weak Hands?
I have witnessed several fake or unimportant FUDs to shake the weak hands in crypto. Let's broaden our horizon and look at the case from the bigger picture.
XRP is a " cheap " coin that you can buy for a couple of cents, unlike Ethereum or Bitcoin. Besides, it is a strong project with millions of dollars volume per day with thousands of investors for a very long time in the ecosystem. Seeing that the price of this coin is still cheap and it has not pumped hard like the others, lots of new investors bought XRP from a cheap level, almost local bottom.
XRP has its unique cycles. New investors have no idea about what XRP is and how crazy the price actions of it. Yet, when XRP starts to pump, you cannot find a support level to purchase as it does not wait for newcomers. While the market is settling down, XRP will definitely show itself pretty soon.
Look at the chart. You are seeing the monthly price actions in XRP.
The support level of 20 months moving average is around $0.48 whereas there is an uptrend ongoing, too.
Even if the coin cannot stay above the trendline, the next long term support is around $0.40 levels. As a person who witnessed hard XRP pumps and missed the majority of them, I am taking my position and adding more XRP to my bag from relatively cheap levels.
Shaking your pocket is a tradition in this unique coin. Once the case against the SEC is over, XRP may never stay below $1 - $2 depending on the overall sentiment in the market. These are the sentences of a veteran degen who has a long story with XRP and the whales of it 🐳
I have no cheap XRP to sell.
What do you think about the case of XRP?
Share your experience and ideas below 👇
Hive On ✌️
Posted Using InLeo Alpha
