Although many assets in the cryptocurrency market have started to slow down their previous gains, the downturn could represent a second chance for those investors who have been eyeing some of them but, for any reason, missed the opportunity to purchase at a low price, including XRP.
Specifically, after XRP had a massive rally in the past few weeks, followed by it briefly touching the $0.93 level in July, then rolling back down to $0.45 and back up again, the asset is now looking at a possible correction to $0.54, as observed by crypto analyst Michaël van de Poppe on November 7.
Another chance to buy
Having said that, according to the expert crypto trader, if this does, indeed, occur, it would not necessarily be a bad thing for the asset in the long run but simply represent “another time to be a buyer” of the fifth-largest cryptocurrency by market capitalization for those who failed to purchase it at a lower price.
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As van de Poppe explained, the XRP token witnessed a “heavy impulse” due to the news of the United States Securities and Exchange Commission (SEC) withdrawing from the case against the top executives of Ripple, Brad Garlinghouse and Chris Larsen, allowing bag holders to “sell their bags.”
“However, due to the lack of interest in the markets, people are conservative, so corrections are relatively significant compared to the shallow corrections in bull cycles.”
In the analyst’s words, this represents the moment to “investigate higher timeframes and scan for those ‘obvious’ opportunities,” which he pointed out are “in line with the period where investors start to lose faith again.”
Meanwhile, the area around $0.5393 that van de Poppe has predicted as a target for a potential correction is a “retest on the weekly timeframe & most indicative,” in addition to representing the positive expected value (+EV) move “to take entries for the coming cycle.”
XRP price analysis
At press time, XRP was trading at $0.6799, down 1.39% on the day but still holding onto the 13.29% advance in the last week and the much more significant gain of 33.56% across the past month, according to the most recent charts retrieved on November 8.
Indeed, the poor interest in the crypto markets does seem to be pushing XRP slowly towards the area predicted by the expert, not long after it had surpassed the $0.68 level for the first time in three months, alongside increased whale accumulation and a spike in related discussion rates.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
