XRP breaks out of the bearish zone and enters a bullish trajectory, with analysts cautioning against selling or trading XRP too early and recommending Holding.
XRP has seen increased trading activity in the last 24 hours, with crypto market participants exchanging nearly $2 billion worth of XRP. Notably, the XRP trading represents an over 190% surge in activity. This has catalyzed XRP’s cumulative seven-day gains to above 11% while trading at $0.5461.
Amid this favorable performance, top analysts have cautioned that it may be too early to profit from the recent little gains in XRP. They believe the fifth biggest crypto project is poised for more significant headways.
Don’t Trade XRP if You Like Making Money
In a recent post, market analyst IncomeSharks, with 434K X followers, counseled XRP holders against parting ways with their holdings too early. IncomeSharks argued that the coming cycle would be bullish. As a result, those who have traded their XRP tokens would lose out on benefiting from the wealth transfer.
“Promise yourself this cycle you won’t trade XRP if you like making money,” IncomeSharks remarked in the tweet.
Promise yourself this cycle you won't trade $XRP if you like making money. https://t.co/scpuwjBuWU pic.twitter.com/kkPZgkp3zq
— IncomeSharks (@IncomeSharks) October 24, 2023
Notably, his tweet included a market chart of XRP’s performance over the past year. The chart suggested that XRP is now on a bullish trajectory. While IncomeSharks believes buying XRP now may afford an investor the benefit of the coming cycle, he counseled against hopping on the market at the eleventh hour.
Specifically, he quoted a previous tweet illustrating that XRP enthusiasts had a 15-month window to buy XRP and hold. According to the analyst, the best XRP buying period commenced in May 2022 until September 2023.
Meanwhile, he marked out a “do not buy” period in July. The month was when XRP gained nearly 100% in 24 hours following a development from the US court. According to IncomeSharks, buying XRP on an overly greenish candle “is what separates traders from emotional FOMO [fear of missing out] buyers.”
Similarly, the well-known market analyst EGRAG affirmed IncomeSharks’ sentiment in a separate conversation thread. EGRAG shared a chart illustrating that XRP has entered the much-projected bullish zone. As a result, a trader selling XRP at this time may be missing out on more substantial profits.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
