XRP has continued to drop since the high of $0.9380 on July 13, but analysts believe the market is presenting a golden opportunity as these declines persist.
Seasoned crypto analyst Michaël van de Poppe previously highlighted a notable entry point for XRP on the weekly chart. Following subsequent declines registered by the asset since the initial disclosure, the analyst suggests that XRP might be slipping into the highlighted area of interest.
The Initial Disclosure
As The Crypto Basic reported in his initial disclosure, van de Poppe pointed out two reasons why XRP has continued to drop since the $0.9380 high. One reason was that investors who had been underwater for over a year leveraged the recent upsurge to exit their positions.
The second reason was a lack of confidence among potential market participants. Amid the retracement, van de Poppe highlighted an entry point marked within a green area on the weekly chart. The entry point ranges between $0.56 and $0.45. This zone represented the area of interest.
XRP Entering Area of Interest
Following the initial disclosure, XRP has continued to decline. The asset dropped to the low of $0.61, prompting van de Poppe to present a follow-up analysis. According to the trader, XRP is now slipping into the area of interest, representing the entry point.
It's $XRP which is getting into the area of interests.
Just be able to buy the dip. pic.twitter.com/mBc71YtC2j
— Michaël van de Poppe (@CryptoMichNL) August 7, 2023
Yesterday, XRP broke below the $0.60 territory for the first time since July 13, plummeting to a low of $0.5967 earlier that day. However, it hedged against further declines, recovering lost grounds and reclaiming the $0.61 territory.
Despite the mild recovery, van de Poppe insisted it was close to the entry point. XRP was changing hands at $0.6134 during the follow-up analysis.
XRP in a Critical Position
Moreover, in a recent Twitter statement, Cypress Demanincor, another notable analyst, shared a perspective that sheds light on the potential trajectory of XRP. The analysis suggested that XRP is currently in a critical position.
on July 12th 2023 US CPI came out softer than expected and set the president for #XRP to run to new 2023 highs. The day after #XRP was declared a non Security.
Price is now pulling back to a discounted area? personally I am bullish as long as price holds above .45 cents. That… pic.twitter.com/8Hl4oLg1yL
— Cypress Demanincor (@CDemanincor) August 7, 2023
According to Demanincor, the turning point for XRP’s recent upsurge goes back to July 12, when the US Consumer Price Index (CPI) report surprised the market by revealing softer-than-expected figures.
This unexpected data set the stage for XRP’s potential ascent to new yearly highs. Notably, the day after this revelation, the verdict from Judge Analisa Torres on the Ripple vs. SEC case compounded XRP’s bullishness, leading to the $0.9380 high.
Demanincor called attention to the current retracement, stressing that XRP is moving towards a discounted range. In his bullish stance, Demanincor emphasizes the importance of XRP holding above the $0.45 mark.
He points out that market participants should brace for potential volatility on Thursday as the new US CPI numbers are set to be released.
Demanincor explains that a softer CPI reading could support the crypto market. However, an inflationary report might push the Federal Reserve to further interest rate hikes, leading to a stronger US dollar and impacting the crypto landscape. This would further dictate XRP’s direction from this point.
XRP is changing hands at $0.6243 as of press time, having appreciated by 0.34% today. XRP has registered six consecutive days of constant declines. If it loses more of its value today, this would mark the seventh consecutive day of persistent drop.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
