Cryptocurrency

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Waves

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 <p class="paragraph">Ripple’s XRP has been showing both signals of weakness and strength from a technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> (TA) perspective, while still facing threats and opportunities related to the investment environment. All these must be considered in order to make a personal decision on whether it is time to buy XRP or not.</p>
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 <p class="paragraph">Interestingly, <em>CoinsKid</em>, a well-known cryptocurrency trading <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> account on X (Twitter), seems to believe a new window of opportunity is opening for XRP investors from a technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> point of view.</p>
 <p class="paragraph">In a recent post made on October 19, <em>CoinsKid</em> said they were able to “make a lot of money” in 2023, expecting to “make a lot more money in 2024” as well if their “theory is correct”.</p>
 <h2 class="wp-block-heading" id="h-xrp-buy-analysis-elliot-waves-and-fibonacci">XRP buy analysis: Elliot Waves and Fibonacci</h2>
 <p class="paragraph">On that, the account shared an XRP price chart with five upward waves year-to-date (YTD), accurately aligned to Fibonacci lines. Following the YTD bull run, Ripple’s token is now experiencing a retracement at a key point for Fibonacci (0.618) and Elliott Waves <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="718" src="https://cdn.thebittimes.com/images/2023/10/19/bd19ca75a961772fc81b77dca55c6be3.webp" alt="Buy XRP? XRP year-to-date price chart (1 week candlesticks)." class="wp-image-133216" srcset="https://cdn.thebittimes.com/images/2023/10/19/bd19ca75a961772fc81b77dca55c6be3.webp 1024w, https://cdn.thebittimes.com/images/2023/10/19/bd19ca75a961772fc81b77dca55c6be3.webp 300w, https://cdn.thebittimes.com/images/2023/10/19/bd19ca75a961772fc81b77dca55c6be3.webp 768w, https://cdn.thebittimes.com/images/2023/10/19/bd19ca75a961772fc81b77dca55c6be3.webp 1317w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   XRP year-to-date price chart (1 week candlesticks). Source: <em>CoinsKid</em>
  </figcaption>
 </figure>
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 <p class="paragraph">According to Elliott’s theory, a bull market moves in cycles of five impulse waves (12345) plus three correction waves (ABC) always interspersing each wave between an upward movement and a downward movement, within a trend continuation.</p>
 <p class="paragraph">Notably, <em>CoinsKid</em> suggests we could both:</p>
 <ul>
  <li>Be at the second retracement wave (B), ready for the last movement downwards; or</li>
  <li>Be at the third and last correction wave (C), ready to start a new cycle.</li>
 </ul>
 <p class="paragraph">However, XRP exchanged volume is at its lowest levels, and a new cycle will be most influenced by the chart’s direction under an increased volume. Whether for a bull or a bear market.</p>
 <h2 class="wp-block-heading" id="xrp-buy-analysis-ripple-vs-sec-and-ripple-sell-offs">XRP buy analysis: Ripple vs. SEC and Ripple sell-offs</h2>
 <p class="paragraph">It is important to say that XRP is still highly affected by Ripple’s activities due to the company being the major entity involved in XRP’s development and promotion, additionally to holding close to half of the token’s total supply.</p>
 <p class="paragraph">Further developments on XRP are also mostly dependent on the yet unknown outcomes of the Ripple vs. SEC lawsuit, which could impact XRP adoption. Therefore, it impacts XRP demand and currently drains large sums of Ripple’s resources, which are mostly acquired through selling the monthly unlocked XRPs from its escrow system.</p>
 <p class="paragraph">Finbold has been covering these sell-offs, particularly from October developments:</p>
 <ul>
  <li>Ripple to unlock 1 billion XRP tomorrow – what to expect?</li>
  <li>Ripple moves 60m tokens from October unlock; Will it impact XRP?</li>
  <li>Did Ripple just dump 75 million unlocked XRP?</li>
 </ul>
 <p class="paragraph">All things considered, a positive outcome from the legal case in the United States could offer regulatory clarity to businesses and investors, which could increase the demand for XRP and positively impact its price, for a new bull market.</p>
 <p class="paragraph">Nevertheless, a lack of certainty and demand would favor lower prices as the supply increase from Ripple’s token unlocks creates extra selling pressures in all markets.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/should-i-buy-xrp-right-now-tbt66987.html">https://thebittimes.com/should-i-buy-xrp-right-now-tbt66987.html</a></p>

Should I buy XRP right now?

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