Crypto investor Lord Crypto provided analysis on Ripple’s native XRP token after it failed to overcome key resistance around $0.64 last week. He notes that the price was rejected from the $0.64 resistance zone and fell below the $0.58 support line.
As seen in the price chart, XRP did succeed in rallying to hit the $0.64 area. However, it quickly slammed into seller congestion and dropped back down. With XRP dipping below the $0.58 level after the swift rejection, momentum has quickly shifted back in favor of sellers.
However, Lord Crypto maintains a bullish long-term outlook due to Ripple’s involvement in central bank digital currencies (CBDCs). He points out that Ripple’s potential large share in the global CBDC landscape worth ~$5 trillion makes XRP a gift at these levels.
Having partnered with over 20 banks on CBDC projects, he believes it’s only a matter of time before we see the demand for XRP reflected on the charts.
Lord Crypto sees the current XRP weakness as a buying opportunity, expecting growing CBDC adoption to drive major growth ahead. Even after the swift rejection of $0.64, he thinks XRP remains extremely undervalued relative to its long-term utility potential if Ripple becomes a go-to provider for CBDCs.
With the token back near lows, investor interest could quickly return on any positive CBDC developments, according to his analysis.
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