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XRP, the cryptocurrency that power’s the XRP Ledger blockchain that was created by global crypto payments service provider Ripple, is seeing a pullback on Thursday. XRP was last changing hands just below $0.39, down about 1.5% on the day and well within the recent $0.38-41 ranges.
Recent bullish news that 1) Ripple secured a major new partner in the UAE (the Joyalukkas Exchange) and 2) that the XRP Ledger and Ripple’s development lab RippleX are looking to build a cross-chain bridge that would bring interoperability to the XRP network has failed to spur positive price action.
Price Prediction – Where Next for XRP?
Despite the subdued tone to recent trade, XRP is threatening a major near-term breakout. If the cryptocurrency can pop to the north of a downtrend that has been in play since last September, the door could be opened for a swift rally back toward the $0.50s. However, if XRP breaks its uptrend from the early 2023 lows around $0.30, a drop back to earlier monthly lows in the $0.36 area looks likely.
Is it Time to Buy XRP?
Technical analysis suggests that XRP could pop higher in the medium term. Investors looking to turn a quick profit might want to get in soon, though not before conducting their own research and due diligence. When asking whether or not it’s time to buy an asset, investors should always consider the asset’s price outlook.
If they deem it to be positive in the medium to long term, it might be worth investing in. Given the highly volatile nature of cryptocurrency markets, investors should only invest what they can afford to lose.
Buy XRP Now
XRP Alternatives to Consider
XRP could pop higher in the medium term. But traders looking for quicker gains might want to consider other high-potential tokens, such as those being sold in pre-sale by promising up-and-coming crypto projects. We’ve reviewed some of the best candidates in this list of the top 15 cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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