XRP recently experienced a significant downturn, and although this decline comes amid broader market challenges, many attribute it to the notice of appeal filed by the U.S. Securities and Exchange Commission (SEC), challenging the ruling in its legal battle with Ripple.
XRP’s value has seen a sharp decline in recent days. On October 2, the cryptocurrency’s price fell by almost 10%, followed by an additional 3% drop the next day. As of the latest data, XRP is trading at $0.5282, its lowest point in a month.
Despite this setback, some industry experts remain optimistic about XRP’s long-term prospects, drawing parallels with other high-performing assets.
Expert Analysis and Historical Comparisons
EGRAG CRYPTO (@egragcrypto), a prominent analyst in the XRP community, has offered a perspective on XRP’s potential by drawing comparisons to Nvidia (NVDA) stock. The analyst advises investors against premature selling, citing the example of Ark Invest’s dealings with Nvidia shares.
Ark Invest, led by Cathie Wood, reportedly missed out on substantial gains by selling Nvidia stock before its dramatic price increase. Over the past two years, the investment firm sold more than 1.3 million Nvidia shares, with a significant portion (859,000 shares) sold in Q4 2022 when the stock traded around $14.5 per share (adjusted for a 10-for-1 stock split). Currently, Nvidia stock is valued at $122.85, representing a 747% increase since that period.
The sale of Nvidia shares by Ark Invest occurred before the rise of ChatGPT and the subsequent surge in AI-related assets. Calculations suggest that Ark Invest’s 2022 sales alone resulted in missed potential profits exceeding $854 million.
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What Does This Mean for XRP?
EGRAG CRYPTO and other analysts maintain a positive outlook on XRP’s future. They point to Nvidia’s period of underperformance between Q4 2007 and Q3 2015, comparing it to XRP’s low price since falling from its all-time high of $3.84 in 2018.
Nvidia’s performance proves that extended periods of price stagnation can precede significant rallies, and they expect similar performance from XRP despite its challenges.
Various price projections for XRP have been shared by market commentators. EGRAG CRYPTO, utilizing Elliott Wave theory, has suggested a potential price range of $27 to $33 for XRP. Notably, he described this as a conservative estimate, setting the final target of $1,780 for the digital asset.
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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