A notable XRP community figure and the founder of Black Swan Capitalist, Versan Aljarrah, has countered the popular narrative about XRP’s price growth based on suggestions from chart patterns.
In a recent tweet, Aljarrah argued that chart patterns do not solely determine the price of XRP. He expressed that XRP’s price is instead a reflection of the prevailing market forces.
In his words, “The price of XRP has nothing to do with charts. It’s a reflection of market forces.”
The price of #XRP has nothing to do with charts. It's a reflection of market forces.
As our global monetary system faces uncertainty and #liquidity access narrows, the #demand for fast, affordable #payments will intensify. $XRP's value will NEED to climb to meet that demand 📈 pic.twitter.com/3oGoIc7qRo
— Black Swan Capitalist (@VersanAljarrah) September 28, 2023
The Role of Monetary System
Notably, Aljarrah took to X to express this sentiment in response to a post predicting a 1,160% surge in XRP’s price following market analysis. In contrast, Aljarrah contended that XRP’s value will appreciate to meet the demand of the global monetary system rather than what the market chart suggests.
Specifically, Aljarrah stated that the demand for fast and affordable payment solutions is expected to intensify in the face of global monetary system uncertainties and narrowing access to liquidity.
Therefore, he asserted that as this demand escalates, the value of XRP will inevitably need to rise to meet the increased requirements.
Some crypto market participants presented counterarguments in response to Versan Aljarrah’s perspective on XRP’s price and market forces.
One user acknowledged Aljarrah’s emphasis on market forces but highlighted the merits of using charts as well. According to the commenter, charts serve as a valuable tool because they incorporate the actions of countless individuals involved in buying and selling.
Moreover, he claimed charts effectively aggregate millions of market participants’ collective knowledge, experience, and wisdom. The commenter believes that collective wisdom surpasses what any single individual can suggest about XRP’s price.
In their opinion, charts offer a real-time, live-streaming representation of market forces, providing insight into the dynamic interactions within the market. Another crypto enthusiast echoed a similar sentiment :
“Don’t charts reflect market forces? Specifically the collective greed and fear of the market.”
Notably, chart analysts have reasoned that XRP will be in double digits in the coming months. They concluded by observing the historical patterns that played out prior to XRP reaching its previous all-time high.