A recent analysis by XRP analyst Egrag highlights XRP’s relative resilience compared to other altcoins during a recent landslide dip in the crypto market. While the broader market experienced significant price drops, XRP managed to hold onto some of its earlier gains and avoid falling back to the lows seen in July.
In July, XRP’s price dropped significantly to around $0.38, a level last seen over a year ago. This decline was largely attributed to the fall in Bitcoin’s price to the $53K range, which was triggered by the German government’s sale of $3 billion in Bitcoin. The widespread apprehension about XRP’s performance before the price drop also contributed to its decline.
However, XRP staged a comeback before the end of July, rallying to a four-month high above $0.65 in less than two weeks. It maintained this level until another period of bearish momentum began in August.
XRP Compared to Other Altcoins
This recent bearish spell saw Bitcoin relinquish multiple support levels and fall back to the $49K region for the first time since February, representing a 17.69% drop. The impact on altcoins was even more severe, with Cardano, Ethereum, and Solana experiencing steeper declines.
For instance, Cardano’s price dropped to $0.2799, a significantly lower level compared to its previous yearly low of $0.321 set in July. Similarly, Solana’s price plunged to $110.61, setting a new low below its prior monthly low of $121.
In contrast, XRP’s price decline was more moderate. While it did fall from an intraday high of $0.5253 to $0.4335, it did not reach a new low for the year. This relative strength suggests that XRP may be more resistant to downward pressure compared to other altcoins.
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XRP Analyst Egrag’s Insights
XRP analyst Egrag Crypto observed this resilience and, in a lighthearted manner, suggested that crypto investors could increase their holdings of XRP. The analyst wrote, “Do you see any lower low no, then buy and go to the beach.”
Responding to Egrag Crypto’s post, OptimaPS, a finance professional, cautioned that the recent price increase may not be sustained, they also suggested that buying XRP and holding it for the long term could be a profitable strategy.
Egrag is known for his bullish XRP predictions, and he has forecasted that XRP could reach significantly higher price points in the future, potentially exceeding $10. However, it is important to remember that cryptocurrency markets are inherently volatile. At the time of writing, XRP price is trading at $0.61.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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