Ripple Retreats After Hitting $0.64 Resistance, But Analyst Says XRP is A Gift At This Level Due To This Reason

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.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +

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.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo