In just a few days, XRP experienced a remarkable surge, going past $0.7. A feat it has not achieved in months. This surge has generated anticipation among investors, as XRP’s trading volume is currently up 30%, even as the token has dropped below $0.7.
However, it’s essential to approach this situation with caution, according to insights from both market analysts and prominent figures in the XRP community.
XRP’s recent performance has been impressive, with a notable gain of 30.97% in the last month, and the biggest of those gains coming last weekend. Despite this bullish trend, experts suggest a correction may be on the horizon for XRP.
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An XRP Decline?
One voice of caution in the XRP community comes from KingDoggo (@KingDoggoXRP), the founder of Alpha Husky Club, a prominent NFT project on the XRP Ledger (XRPL). He stated on X, “Be careful if you want to buy more XRP.
Don’t chase candles, as you end up in loss after a couple of days when it does a retracement.” KingDoggo warns against blindly pursuing the price surges and emphasizes that bullish trends often give way to retracements, potentially causing losses for new investors.
He also advises those entering the XRP market not to be driven by the fear of missing out (FOMO) and to avoid chasing candles in trading.
Instead, he recommends a patient approach, waiting for opportunities during market pessimism. He closes his post saying, “Never let your emotions decide your buying decisions. Wait and capitalize when people are pessimistic.”
He provided a chart that showed a decline to $0.57784 for XRP before a surge to $1.4. KingDoggo’s message of caution was echoed by Linda P. Jones, a well-known expert in the financial world, an author, and a prominent figure in the XRP community.
Jones shares the belief that an XRP retracement is likely on the horizon, but she also hints at a significant event that could further impact XRP’s price.
I agree. After 11/8 and 11/9 let's see what happens. https://t.co/vMtx6A0FlN
— Linda P. Jones (@LindaPJones) November 6, 2023
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The event in question is Ripple Swell, scheduled for November 8 and 9 in Dubai. This conference, hosted by Ripple, will bring together more than 600 experts from the banking, economic, regulatory, and blockchain industries.
There’s speculation within the XRP community that Ripple might make a public announcement about its intention for an Initial Public Offering (IPO) at this event. Such a declaration, if made, could influence the price of XRP significantly.
Ripple CEO Brad Garlinghouse’s recent teaser about Ripple Swell has also generated significant speculation within the community. Everyone is eager to see what this event will hold for XRP.
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