Unlike what some analysts want us to believe, cryptocurrencies are not independent of what happens around us. The case of Ripple’s (XRP) legal tussle with the Securities and Exchange Commission (SEC) and the impact it had on the crypto’s price is a good example. However, the pump didn’t last for long as recent price performance has turned bearish.
Where then does this leave Ripple (XRP) holders and prospective investors? Is it still time to buy Ripple (XRP) or should you consider an alternative? Keep reading to find out what experts think.
Ripple (XRP) Pump Loses Steam: Time to Buy XRP or Switch Your Portfolio?
The ‘ripple effect’ of Ripple’s (XRP) legal triumph over the SEC was a soaring price coming from retail investor attraction. However, the pump has since lost its steam as XRP price gains from the July 13 rally pulled back. Regardless, Ripple investors and community members remain undeterred and optimistic.
According to expert market observers, the current drop in XRP price will be brief. For them, it is only a crucial phase leading up to the strong bullish trend ahead. Ripple (XRP) might currently trade close to the crucial $0.65 support level, with indicators cooling off and lesser trading volume. Yet, for market analysts, this situation could bring in a likely price surge.
However, they warn of a potential shakeout to $0.50 before this next comeback. Due to the uncertainties surrounding what’s next for XRP, another project has been tipped to deliver better gains this year and experts recommend switching your portfolio to this new project as a promising alternative.
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