The prevailing sentiment in the market for XRP is bullish right now and has bolstered investors’ confidence.
Matthew Dixon, the CEO of Evai, a crypto rating platform, confirmed this sentiment in a post on X. Dixon begins his post by saying, “Listening to other market commentators, I hear a lot of Bullishness in the air for #XRP.”
Listening to other market commentators I hear a lot of Bullishness in the air for #XRP
They may well be right but I will remain cautious until that overhead resistance is convincingly breached.
If it is im happy to go long but until then shorts are favoured with close stop… pic.twitter.com/z0LehJO1CS— Matthew Dixon – CEO Evai (@mdtrade) September 29, 2023
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XRP experienced a price surge after Ripple’s victory over the U.S. Securities and Exchange Commission (SEC) in July. This was when U.S. District Judge Analisa Torres ruled that programmatic XRP sales cannot be considered a security asset. It should be noted that XRP’s price has nosedived since then, hovering around $0.5 at the time of press.
However, a recent spike has reignited the confidence of investors. For the XRP community and its investors, the current bullish trend is undoubtedly welcome news. Numerous price predictions for XRP have emerged, with one prominent analyst suggesting that XRP could get to $25.
Caution Amid XRP’s Bullish Predictions
Despite the optimism in the XRP market, the crypto landscape is volatile. The combination of market volatility and regulatory uncertainty has posed challenges for the XRP ecosystem. These factors explain Dixon’s caution. He states, “They may well be right, but I will remain cautious until that overhead resistance is convincingly breached.”
Given the cryptocurrency’s rollercoaster year of gains and losses, market observers are keenly watching XRP’s price. The constant rising and falling has raised questions about the sustainability of XRP’s bullish sentiment.
Dixon provides a chart that shows the resistance line that XRP has not been able to break through. From the end of August till now, XRP has come close to breaking through multiple times but has not succeeded.
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Dixon wants more compelling evidence of the impending bull run before considering a long-term XRP investment. A clear break from this resistance is the sign Dixon is looking for. Until then, he favors short-term investments to mitigate potential losses.
However, he clarifies that he remains open to becoming a long-term investor when XRP can break through the resistance. Referring to XRP breaking through, he says, “If it is, I’m happy to go long, but until then, shorts are favored with close stop losses.”
Bullish sentiments have driven up token prices before. XRP has a lot going for it, and with the Ripple party behind us, everyone is expecting to see good things for the cryptocurrency specially designed to settle payments across borders.
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