Crypto Expert Warns Against Spending $10,000 on Ripple, Suggests ‘Better Options’: XRP Price Analysis
There has been a lot of buzz about how high the price of Ripple’s XRP can go. Many analysts have made bullish predictions about the XRP price for 2024 and 2025.
Despite all these, crypto analyst Doctor Profit is not impressed. He also thinks it is not a good idea to invest $10,000 in XRP if that is all a person has to invest.
He believes that such an investment is not worth the time and potential outcome, saying that cryptos with smaller market capitalization are better options.
He said high-market cap cryptos like Bitcoin and Ethereum are good for 6 to 7-figure amounts.
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A Deeper Look Into XRP Price
Ripple’s XRP market cap is currently at around $31 billion and among the top 10 cryptos. A market cap that is that high is not usually seen as a good opportunity for those who want to grow their money quickly.
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A billion-dollar addition to the market cap may not bring any significant increase to its price. However, lower-cap cryptos, especially those below the $1 billion market cap, can see a significant price increase as the market cap rises.
XRP Price Analysis
Crypto analytics firm AltFINS analyzed XRP price. The price is currently in an uptrend after a bullish breakout from a falling wedge pattern. It has broken above the $0.57 resistance level. However, it got overbought and then needed a pullback.
The expert sees this as a buy-the-dip opportunity by looking at the nearest support where the price could stabilize.
Source: altFINS – Start using it today
This support level could be a level where the price bounced off of in the past or a level that was previously a resistance.
The analysis shows that XRP is in an uptrend in the short and medium term, while the long-term trend remains neutral.
The nearest support is at $0.50 and then $0.42. The resistance is at $0.67.
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