In a recent post on X, crypto analyst Khaled Elawadi.XRP (@KhaledElawadi) shared plans to accumulate XRP weekly, planning to buy with any movement below $1. Khaled emphasized a calm approach towards short-term price fluctuations, focusing on a broader investment strategy.
The analyst stated, “Decided to buy more #XRP tonight before the price goes up. Think anything under $1 is practically a giveaway. 2024 is going to be a ride.”
Decided to buy more #XRP tonight before the price goes up.
Think anything under a $1 is practically a giveaway.
2024 is going to be a ride. 🚆
— Khaled Elawadi.XRP (@KhaledElawadi) November 15, 2023
XRP is trading at $0.6148, down 4.45% over the last 24 hours and 7.08 over the past 7 days. However, it is still trading in the green, up 23.82% over the past month. XRP has returned to levels similar to its price before the surge caused by the fake BlackRock XRP ETF filing.
However, that surge confirmed a prediction by a prominent XRP analyst. His analysis is based on the Elliott Wave Principle. According to the analyst, the cryptocurrency is eyeing a breakout with short-term targets of $0.87 to $1.05 despite the current market com.
Currently, technical indicators, including the daily Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), can offer insights into the market sentiment.
The MACD line, currently diverging below the MACD Signal line, suggests a potential continuation of the XRP bearish trend. Similarly, the daily RSI positioned below the RSI Simple Moving Average (SMA) line implies a bearish sentiment, signaling that sellers currently hold an advantage against a bullish movement.
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Investors are closely monitoring these indicators. XRP’s short-term future hinges on what happens in the next 48 hours. The community remains optimistic about the potential breakout from the negative price channel but acknowledges the importance of vigilance in light of the prevailing market dynamics.
Khaled reinforced his commitment to weekly accumulation under $1 in the face of a doubting community member, stating that the accumulated XRP would go toward his Automated Market Maker (AMM) bag.
While short-term challenges persist, the overarching belief in a substantial rally for XRP next year remains a driving force for continued engagement and investment within the XRP ecosystem.
Meanwhile, ChatGPT recently revealed that XRP has the potential to cross $1 before the end of 2023. This movement could be a catalyst that drives a massive bull run in 2024.
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