By Michael Scott
Market expert downplays recent pullback and urges a bullish stance for XRP investors.
The massive bullish path portrayed by XRP hit major resistance below the $3 threshold. The inability to navigate the psychological threshold prompted several investors to sell as critics considered the plunge to $0.60 possible. Market experts dispute such arguments, indicating that XRP is still on the massive bullish path during the ongoing bull market.
For perspective, XRP portrayed a bullish run in November with a sizeable 283% uptick to solidify it as a top-performing asset. The XRP began December in the positive phase, surging above the unit price range to set the seven-year high at $2.9 in a few days.
Positive Sentiments to Navigate XRP Pullback
Market observers acknowledge that XRP rallied to edge closer to the $3 mark before a dip ensued and eroded gains. Despite the price drop to the $2.3 – $2.4 range, it has yet to dampen the experts’ enthusiasm, citing the prevalence sentiments.
In a pseudonymous identity, WallStreetBets reiterated the essence of a bullish outlook on XRP at the present phase. Per the analyst account, investors who are not going long on XRP are disrespecting themselves.
The analyst affirmed his position on December 3 that investors who missed the previous leap should leverage the present slump to below the $2.50 mark. He added that the present correction amounts to XRP yielding opportunity for investors who missed the initial uptrend a second entry into the market.
A look into the chart shows that XRP price lost nearly 16% of the trading to change hands at $2.30. WallStreetBets dismiss this correction and instead perceive it as a healthy retreat in the process of a prolonged uptrend.
The bullish outlook of WallStreetbets is echoed by another market analyst, CW. CW views the current pullback as preceding the main event attained when the price surges to greater heights. The analyst forecasts a turnaround as the correction concludes to allow the XRP to stride to the $3.75 target.
XRP to Overcome Major Resistance
Market observer Mikkybull likens the recent xRP rally to the explosive uptrend witnessed in 2017. In his previous commentary, the analyst forecasted XRP would climb to the $2 milestone only to retreat. However, the analyst added that XRP would regain the bullish steam to set its cycle peak at $10.
Dom adds weight to the call for sustained bullish momentum, noting that the present phase aligns with his earlier view of consolidation and range formation.
Dom observed that a possible tumble to a $2 range is possible. The analyst cites such occurrence is at present sustained by buy orders witnessed on Binance and Coinbase, which helped defend the $2 price level. The analyst hails the orders amounting to 8 million as stabilising the price now.
Dom illustrates that the primary challenge for XRP against Bitcoin is overcoming the resistance. The analyst points to the current struggles of XRP to navigate past the 0.00003 BTC resistance level that has persisted for over 2K days.
Dom calms the XRP community by indicating a breather from the ongoing rally. He is optimistic that the XRP community will enjoy the subsequent pumps. The analyst indicated on December 4 that investors should understand and appreciate pullbacks as necessary to sustain the upward trajectory.
Dom considers that the XRP/BTC struggles to navigate past the resistance level will persist within this cycle. Ultimately, XRP will gradually surpass the level.
In a separate commentary, Dom mentions that the 50M XRP tokens sell wall resistance and pose a huge roadblock for the altcoin. Notably, the analyst identifies the sell walls on Binance approximating 34M XRP to $3.50 and 16M for Coinbase. Nonetheless, it would take some relentless buying to accomplish.