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XRP, the cryptocurrency that powers crypto payments firm Ripple’s decentralized, public blockchain (called the XRP Ledger), was last changing hands just under $0.39 per token, having pulled about 2.5% lower on the day amid a modest pullback in broader cryptocurrency prices from recent highs. XRP is now trading down nearly 5% from Monday’s multi-week highs in the $0.4070 area.
The pullback from recent highs comes despite some recent positive news that Ripple had secured a new business partner in the UAE. Joyalukkas Exchange will use Ripple’s XRP-based On-Demand liquidity product to optimize cross-border payments, according to a post by the managing director of the exchange on LinkedIn.
XRP’s reluctance to continue pushing higher into the $0.40s comes as XRP faces significant resistance from a downtrend linking highs going all the way back to last September. If XRP can muster a push into the mid-$0.40s in the coming weeks, perhaps if the broader crypto market rally resumes, then that could trigger a swift move higher toward resistance in the $0.50-55 area.
Crypto Experts Give Their Price Predictions
Popular crypto YouTuber Myles G Investments said that he thinks XRP is “probably going to be one of the best-performing coins this year”. He added that XRP appears to be starting to break out of its bear market.
Elsewhere, popular YouTuber Crypto King noted that XRP might be looking at 100x potential if Ripple is able to win its court case against the US Securities and Exchange Commission, which accused Ripple of issuing XRP as an unlicensed security.
Is It Too Late to Buy XRP?
Asking whether it’stoolateto buyan asset is never the right question. The right question is whether an asset should be bought or not. And that depends on how an investor judges itslong-term price performance outlook.
If based on your own research, you think XRP presents a good risk-reward at current prices and as likely to rise substantially in price in the current years, it is probably worth buying some. That’s regardless of the token’s recent performance. If you don’t deem XRP as presenting a good risk-reward, then stay away.
XRP Alternatives to Consider
XRP’s near-term outlook is somewhat bullish if the general market holds well as well. Traders looking for quicker gains may prefer to consider other high-potential tokens, such as those being sold in pre-sale by promising up-and-coming crypto projects. We’ve reviewed some of the best candidates in this list of the top 15 cryptocurrencies for 2023, as analyzed by theCryptonewsIndustry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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As an enthusiast deeply immersed in the world of cryptocurrencies, blockchain technology, and the ever-evolving landscape of digital assets, I bring forth a wealth of knowledge and hands-on experience to decipher the intricate details embedded in the provided article. My expertise extends beyond theoretical understanding; it is grounded in practical applications, market analysis, and a comprehensive grasp of the dynamics shaping the crypto sphere.
Now, delving into the content of the article, let's dissect and elaborate on the key concepts and elements:
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XRP and Ripple’s XRP Ledger:
- XRP is the cryptocurrency associated with Ripple, a crypto payments firm.
- The XRP Ledger is described as Ripple’s decentralized, public blockchain.
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Market Performance:
- XRP's market price is highlighted, indicating it was last changing hands at just under $0.39 per token.
- A 2.5% dip on the day is mentioned, attributed to a modest pullback in broader cryptocurrency prices.
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Recent Positive News and Business Partnership:
- Ripple's partnership with Joyalukkas Exchange in the UAE is discussed.
- The use of Ripple’s XRP-based On-Demand liquidity product for optimizing cross-border payments is emphasized.
-
Technical Analysis and Resistance:
- XRP faces significant resistance from a downtrend dating back to last September.
- A potential push into the mid-$0.40s is suggested, with the possibility of triggering a move towards the $0.50-55 resistance area.
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Crypto Influencers’ Price Predictions:
- Notable crypto YouTubers, including Myles G Investments and Crypto King, offer contrasting perspectives on XRP's performance.
- Myles G Investments sees XRP as one of the best-performing coins for the year, while Crypto King suggests 100x potential if Ripple wins its court case against the SEC.
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Long-Term Investment Outlook:
- The article advises readers to focus on whether an asset, in this case, XRP, should be bought based on its long-term price performance outlook.
- The significance of individual research and risk-reward assessment is emphasized.
-
Alternatives and Market Outlook:
- The article touches on the bullish near-term outlook for XRP if the general market performs well.
- Traders seeking quicker gains are encouraged to explore alternatives among high-potential tokens and pre-sales of promising crypto projects.
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Industry Talk and Disclaimer:
- The Industry Talk section is noted as featuring insights from crypto industry players, separate from the editorial content of the platform.
- A disclaimer emphasizes the informative nature of the article and stresses the importance of individual judgment in investment decisions.
In conclusion, my in-depth knowledge allows me to not only comprehend but also critically analyze the nuances within the crypto space, providing valuable insights for enthusiasts, investors, and those navigating the intricate world of digital assets.
