While the market continues to risemany are starting to feel like they missed the opportunity to get in early on their favorite altcoins, including XRP. However, a prominent crypto analyst has offered hope to those who still want to get in on the action the sign as he talks about the possibility of a correction and the ideal price to accumulate the crypto token.
The right time to be a ‘buyer’
In a after shared on his X (formerly Twitter) platform, the CEO and founder of MN Trading, Michael van de Poppeacknowledged what the price of XRP has been like rally of late. He further hinted at the fact that XRP has always corrected when it experienced such rallies. The one he pointed to was the moment the token was corrected $0.93 to $0.45 before the rebound.
As such, his belief seems to be that XRP will fall again. This time he stated that it is an ideal time to be a buyer if XRP can correct to around $0.54.
However, many in the XRP community will hope so XRP continues to rise as of now, especially considering it recently hit the $0.7 price mark. The technical and fundamental analysis surrounding the XRP ecosystem appears bullish, with many predicting a further uptrend from $0.7.
In a recent one X messagethe well-known crypto analyst Egrag, who had predicted that a god candle came for XRP, mentioned that XRP just witnessed an “exciting development.” This is because the 21 Exponential Moving Average (EMA) has crossed the 55 MA. According to him, this “bullish crossover” historically marks the beginning of “significant price explosions.”
Source: X
To consolidate this development, he stated that closing XRP above the Fib 0.702 level at $51.3 billion was crucial as it could be the “turning point for our victory.”
XRP Fundamentals are also bullish
The Ripple Swell Conference 2023 is currently underway and the event has lived up to the hype following Ripple’s latest announcements. Apart from the rebranding of his payment service as Ripple Payments, also the crypto company announced how her partner Onafriq will start using its payment service. This move would see Ripple open the cross-border payment structure on three continents: Africa, Europe and Australia.
The crypto company is also expected to make more announcements before the conference comes to a close on November 9. Ripple is not resting on its laurels as the company is feeling bigger more confident than ever to keep expanding. By extension, this will increase the usability of the XRP token, which is an important part of the Ripple Payments service.
Token price readies to retest $0.7 | Source: XRPUSD on Tradingview.com
Featured image of Decrypt, chart from Tradingview.com