The crypto market is on a bullish resurgence, with Bitcoin blowing past $50,000, and XRP stands as one of the major performers.
The market got a new lease of life as Bitcoin crossed the crucial $50,000 level. With the premier crypto and major altcoins exhibiting intense correlation, the growth has triggered a bullish altcoin run across the board.
Drawing on the rally, an XRP community member and macro investor, PharaohX33, encouraged investors who have stayed faithful to the digital currency in its worst trading impasse in recent times.
Brighter Days Ahead for XRP
According to PharaohX33, many people are selling off their XRP holdings. This has been the case in recent times as many community members are unhappy with the slower growth pace of the digital currency.
Many investors have even called on the Executives of Ripple Labs to do something about the XRP price, a call which might not yield much. To PharaohX33, those selling might be doing those who are not a big favor. He opined that the selloff is a great sign for those who haven’t.
I see many selling $XRP
This is a great sign for those who haven't.
It's 2024, not 2023, not 2022 etc.
The market conditions change every year.
Sit tight & wait your turn.
You know what usually happens when most start giving up…
— 𓂀 (@PharaohX33) February 12, 2024
In his argument, the crypto ecosystem is changing a great deal. He pointed out that the current bull market that might be emerging this year is different from that of 2023 and even 2022, as the market conditions change every year.
While the market has recorded different bull cycles over the years, the current rally is poised to be driven by institutional investors looking to gain exposure to spot Bitcoin ETF products.
XRP Price Outlook
At the time of writing, the XRP price had jumped by 2.05% in the past 24 hours to $0.5298. The coin rose from a 24-hour low of $0.5149 and soared as high as $0.537 before settling at its current level.
Despite the price falling off the wagon recently, this renewed uptick has helped redirect its path toward a potential new high. The market capitalization is pegged at $28,923,370,306, while the trading volume has spiked 19.06% to $979,233,880.
With the renewed outlook, PharaohX33 advised current XRP HODLers to sit tight and wait their turn, as he opined that good things happen when most people start giving up.
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.
