Ben Armstrong, a well-known cryptocurrency analyst and YouTuber, recently offered an intriguing perspective on the current trading value of XRP.
XRP, a closely watched token in the crypto community, particularly after its legal battle with the US Securities and Exchange Commission (SEC), is currently trading at around $0.60. While this figure may not represent an all-time high, Armstrong highlights why this price could be pivotal for XRP.
The Bigger Picture: Institutional Interest and Market Dynamics
Armstrong’s analysis begins with the $0.60 “adamantium” support level for XRP. Drawing an analogy to the fictional character Wolverine, who recovers from serious damage, Armstrong sees XRP’s resilience at this price as a sign of strength.
Every time XRP’s value drops, it seemingly recovers from this critical support level, suggesting strong market faith in the token.
Armstrong goes beyond price analysis to consider broader market dynamics in his video. He notes that XRP’s previously traded price level of $0.62 has become particularly attractive to institutional and corporate investors.
Whale transactions involving substantial amounts of XRP have increased significantly, indicating increased interest from large-scale investors. This trend aligns with a broader rise in global crypto market capitalization, suggesting ample liquidity for major investments.
Armstrong also addresses the strategic aspect of XRP’s price following Ripple’s legal victory over the SEC. He maintains that a post-verdict price increase could have limited the token’s accessibility to a broader audience.
However, the current more stable price range, a pullback from the $0.72 seen previously, allows for more extensive accumulation of XRP, potentially setting the stage for a larger bull run.
Latest XRP Price Action
XRP’s market performance has recently shown a notable decline, with its price dropping more than 10% in the past two weeks. At the time of writing, XRP is trading at approximately $0.605, reflecting a 2.3% decline over the past 24 hours.
Despite a major bullish trend earlier this year, where it is up 70.3% year-to-date, XRP remains substantially lower, down 82.20%, from its all-time high of $3.40 in 2018.
This downward trend extends beyond the price of XRP. The past two weeks have also seen the asset’s daily trading volume decline, falling from highs of around $2.5 billion early last week to around $1.1 billion in the last 24 hours.
This decrease in trading volume may indicate a decrease in investor interest or market activity around the asset, contributing to its reduced price.
Additionally, the broader crypto market has experienced a combination of volatility and bearish trends, which could influence XRP’s performance. So far, Bitcoin has also declined by 2% in the last 24 hours, resulting in the global crypto market cap shrinking by 1.3% over the same period.
Featured image from Unsplash, chart from TradingView
