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Title: XRP Looks Like Best Altcoin’: Seasoned Trader Shares His Chart
Ripple’s XRP token is currently trading at $3.11 per coin, down by 1.21% in the last 24 hours. The price action has been somewhat erratic lately, but a seasoned trader believes that this may be an opportunity to buy XRP.
According to recent reports, information about Ripple’s legal battle with the US Securities and Exchange Commission (SEC) was removed from the SEC’s website. While some interpreted this as a sign of positive news for Ripple, others believe it may indicate a lack of progress in the case.
In the meantime, a seasoned trader has shared his chart analysis on social media platforms, suggesting that XRP is poised to make a significant move upward. According to his assessment, the current price action suggests that XRP could potentially surpass its previous highs and enter a new bullish trend.
The trader’s argument is based on various technical indicators and patterns, including a bullish engulfing candle formation, which is often seen as a sign of a potential reversal in a particular asset’s price. He believes that this is not just a simple correction but a genuine change in the market sentiment towards XRP.
While it’s essential to keep in mind that no one can predict with certainty what the future holds for any cryptocurrency, including XRP, the views expressed by this trader are certainly interesting and worth considering.
XRP has been trading sideways for quite some time now, which could be seen as a sign of consolidation before an eventual move. However, we need to see some real conviction from institutional investors or large-scale capital inflows to confirm that XRP is indeed entering a new bullish trend.
In conclusion, it’s essential for traders and investors alike to conduct their own research and make informed decisions based on their own analysis and risk tolerance.
Source: u.today
