As a seasoned analyst with over two decades of market analysis under my belt, I find myself intrigued by the recent shift in sentiment towards XRP. The CEO of BecauseBitcoin, Max, has jumped on the Ripple bandwagon, citing specific technical analysis that caught his eye – a move I’ve seen many times before in my career, but never from someone as astute as Max.
TL;DR
- The CEO of BecauseBitcoin invested heavily in XRP, citing specific technical analysis as the reason.
XRP’s NVT ratio has fallen to around 125, which is considered undervalued, potentially supporting the case for future price growth.
Change of Heart
Max, the CEO and founder of BecauseBitcoin crypto analysis platform, has recently joined the crowd investing in Ripple (XRP). He disclosed that he bought a substantial amount of XRP tokens after noticing a particular pattern on a chart.
Max pledged to share a specific video discussing the issue in detail, outlining the technical analysis behind his decision.
I wouldn’t have imagined it in a hundred lifetimes, but it seems the data doesn’t lie, as the graph clearly shows,” was their comment.
Many users of X commended Max’s move into the XRP market. A well-known trader, MandoCT with close to half a million followers on a social media platform, stated that this could be an uncomplicated trade towards $1.50-$1.90.
Max became even more optimistic, responding to a comment by stating his prediction for a potential surge up to $5 at some point in the coming year.
Some optimistic analysts, such as Mikybull Crypto and EGRAG CRYPTO, foresee a significant increase in the price of XRP in the future. Mikybull Crypto, in particular, sees similarities between the current chart of the asset and the one observed in 2017, which was followed by a massive bull run.
The analyst referred to this graph as a “technical time bomb just waiting to detonate,” according to the excited individual.
EGRAG Crypto has outlined five distinct possibilities for an anticipated surge in XRP‘s price. The proposed price ranges span from $3 to a significant increase, referred to as a “mega pump,” that could potentially reach $27.
The analyst stated, “As for my color, I’m opting for every hue! I plan to offer modest segments at strategic points, aiming to avoid repeating past mistakes. Last cycle, I sold approximately $1.85 and bought back around $1, expecting a new peak (beyond $1.96). Now, we are fully prepared!
Escaping Overvalued Conditions
As an analyst, one crucial aspect I always take into account when anticipating the market movements of XRP is the Network Value to Transactions (NVT) ratio. This metric provides valuable insights into the network’s activity and overall health.
The measurement examines how the market cap compares to the volume of transactions on the blockchain. A large proportion might indicate that the asset is overpriced, possibly hinting at an imminent price adjustment.
Since the NVT experienced significant growth at the end of August, it has been steadily decreasing since then. Presently, the ratio hovers around 125, a level that is typically seen as undervalued.
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2024-09-18 11:54