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Here’s Why You Should Be Bullish on XRP Even As It Struggles at $2
Ripple’s price has been under immense pressure lately, stuck around the crucial level of $2. However, I firmly believe that this is an excellent opportunity to get bullish on the cryptocurrency, even with it struggling at this juncture.
First and foremost, it’s essential to acknowledge that Ripple’s fundamental value proposition remains unchanged. The company continues to expand its network, with the number of new partnerships and adoption rates only increasing. This momentum is crucial in keeping the price afloat, as any significant pullback could be met with vigorous buying pressure from investors seeking to get back in at a discount.
Furthermore, I would like to emphasize that the recent drop in volume can actually work in our favor. With fewer participants actively trading XRP, we are likely to see even more pronounced and rapid price movements once buying or selling pressure does build up again. This is because there will be less liquidity available in the market, making it easier for any single entity to have a significant impact on the price.
In addition, I want to highlight that we’re currently witnessing an intriguing technical setup. We can observe a clear bearish pennant formation on the chart, which indicates that the downtrend is weakening. This is often seen as a strong reversal signal in technical analysis, suggesting that XRP may be due for a significant rebound in the near future.
In conclusion, I firmly believe that this price level is an excellent opportunity to get long on Ripple. The company’s continued growth and expansion of its network combined with the reduced trading volume and bearish pennant formation all contribute to a compelling bullish argument at present.
Source: coinpedia.org
