By Tobi Loba
A top cryptocurrency analyst identified on Twitter as Credible Crypto has recently stated that having the opportunity to buy the digital token XRP between $0.38 and $0.55 is a blessing that traders and investors shouldn’t take for granted.
This statement came after the crypto market was hit by a huge bear, resulting in the loss of a large percentage of prices of virtually all digital currencies in the market, including the third-largest cryptocurrency by market capitalization, XRP.
In the tweet, Credible Crypto averred that XRP may not trade at such a price level ever again. He thinks traders and investors should not hesitate to buy as much as they can afford.
Read Also: Ripple CEO: I Own and Bullish on Bitcoin; XRP Needs Favorable Regulatory Framework in US as BTC
Credible Crypto tweeted, “To be able to buy XRP anywhere between .38-.55 is a blessing. If you get this chance, you best take it. No guarantees we get the lower end of this range, so DCA’ing down is your best bet.”
To be able to buy $XRP anywhere between .38-.55 is a blessing. If you get this chance, you best take it. No guarantees we get the lower end of this range, so DCA’ing down is your best bet.
— CrediBULL Crypto (@CredibleCrypto) November 26, 2020
The Ripple’s digital token XRP is still trading within the price level mentioned by the crypto analyst. At the time of filing this report, XRP is trading at $0.523049, with a 22.96% price downtrend in the last 24 hours. Considering the effect of bears at the moment, there is a possibility for XRP’s price to dip further.
Read Also: CEO Brad Garlinghouse Highlights How XRP’s Regulatory Uncertainty Has Affected Ripple
What Possibly Caused the Sharp Price Downtrend?
As aforementioned, virtually all cryptocurrencies in the market have recorded major losses over the last 24 hours. Even Bitcoin (BTC), the largest digital currency by market cap lost its balance at a relatively $19,000 price level to now trade around $17,000.
The unexpected and sharp downtrend experienced in the crypto market has been attributed to a cooking development shared a few hours ago by the CEO of Coinbase, Brian Armstrong.
Armstrong had in a series of tweets hinted at the crypto community about burdensome crypto wallet rules that the outgoing Trump administration may rush out.
In the tweets, he said he heard rumors that the United States Treasury and Secretary Mnuchin were considering the release of some new rules related to crypto wallets.
Read Also: Crypto Analyst Identifies the Key Level XRP Must Attain To Print Its Long-Awaited Bull Run
According to the Coinbase CEO, the new rules, if enacted, will leave negative impacts on the crypto activity in the United States.
Brian Armstrong’s revelation became a trending topic within the cryptocurrency community, hence the huge downtrend in the prices of Bitcoin (BTC), Ethereum (ETH), Ripple’s XRP, and others.