Market Expert Says If You’re Not Long XRP, You Don’t Respect Yourself

Despite the recent XRP pullback, a notable market expert believes investors who are not bullish on XRP do not respect themselves.

Notably, the commentary comes as XRP faces a major resistance at the $3 psychological threshold. XRP has been on a massive bullish path in the current phase of the ongoing crypto bull market.

It closed November with a remarkable 283% increase, solidifying its position as one of the top-performing assets. Starting December on a positive note, XRP surged from just above $1 to a seven-year high of $2.9 in a matter of days. 

Sentiments Remain Positive Despite Pullback

However, as it approached the $3 mark, a pullback ensued. Interestingly, the prevalent market sentiments suggest this correction has not dampened enthusiasm among market experts. 

A pseudonymous analyst, known as WallStreetBets, recently stressed the importance of being bullish on XRP at this stage. According to him, any investor who is not long on XRP does not particularly respect themselves. 

If you're not long XRP right now, you don't respect yourself.

— wallstreetbets (@wallstreetbets) December 2, 2024

The analyst reiterated his position in a more recent commentary, as XRP dropped to the low end of the $2 mark. He argued that the current correction was XRP’s way of taking a step back to give investors who missed the initial run a second chance at entering the market.

For context, over the last three days, XRP has dropped nearly 16%, currently trading at $2.3. Despite this correction, market analysts like WallStreetBets remain optimistic, viewing it as a healthy step in a prolonged uptrend.  

For instance, another analyst, CW, sees the current pullback as a precursor to even greater heights. CW expects that once the correction concludes, XRP’s next target could be $3.75. 

Major XRP Resistance 

Meanwhile, market analyst Mikkybull has likened the recent XRP rally to the explosive growth seen in 2017. He predicted a climb to $2, followed by a pullback, and then a continuation toward a cycle peak that might reach $10. 

$XRP 2017 kind of rally vibes.

Hit $2, experience a pullback, and then continue its vertical hated rallies to a new cycle top of probably $10. pic.twitter.com/gXGIUsy9Rj

— Mikybull 🐂Crypto (@MikybullCrypto) November 29, 2024

Also, Dom, a well-known market watcher, noted that XRP’s current behavior follows his earlier predictions of consolidation and range formation. 

He mentioned a possible dip into the low $2 range, supported by substantial buy orders on platforms like Binance and Coinbase. Dom noted that these orders, totaling around 8 million, have helped stabilize the price for now. 

Dom also highlighted a major challenge for XRP against Bitcoin (BTC). He noted that XRP is currently struggling to overcome a resistance level at 0.00003 BTC, which has persisted for over 2,000 days. 

"Don't be surprised if this rally takes a breather"

Remember, we hit a 2000 day resistance level on XRP/BTC…

To enjoy the pumps, we must understand the need for pullbacks throughout to sustain an uptrend. pic.twitter.com/YeAfmCPonA

— Dom (@traderview2) December 4, 2024

While Dom believes this resistance level will not be easily surpassed, he confirmed the possibility of gradual progress. He also called attention to a 50 million XRP sell walls resistance, previously highlighted by The Crypto Basic, as another roadblock for XRP.