XRP was caught up in a double tragedy last week as the crypto market bled profusely following the Federal Reserve minutes of the previous meeting and news that SpaceX had written down $377 million in Bitcoin.
As investors generally reacted to these developments, the judge in the Ripple – SEC lawsuit, Analisa Torres granted the agency permission to appeal the ruling in July causing a massive sell-off in XRP compared to its peers like Bitcoin and Ethereum, which plunged to $25,235 and $1,543, respectively.
XRP Trajectory Mimics Early Days of Apple and Microsoft Stocks
Linda P. Jones, the former regional VP at Morgan Stanley Investment Management and the founder of “Be Wealthy & Smart,” an online investment education platform, shared her sentiments on XRP implying it is one of the most valuable digital assets.
Considering her extensive experience and knowledge in finance, becoming a Vice President at Morgan Stanley, her views on assets in the digital space are highly regarded. Listeners around the world tuned in to her podcast, where she recently discussed insights from HSBC Bank and Northern Trust, global players in the financial sector, that projected up to $14.5 trillion of possible fund influx into digital assets by 2025.
Linda argues that selling XRP now is a mistake investors would not wish to make, likening the crypto to two of the world’s most expensive stocks: Apple and Microsoft. XRP could be among the digital assets that benefit the most from the projected influx of funds, which means selling the token now is similar to selling the two stocks in their early days.
Yes, the numbers are that big ($14.5 T). The money will flow digitally and you own a very valuable asset. You are early, not wrong. Question:
If you knew you owned the next Microsoft or Apple stock, would you be in a rush to sell in its early days? #XRP https://t.co/6g2qJw1B3N— Linda P. Jones (@LindaPJones) August 20, 2023
XRP On The Edge of More Declines, But There’s Hope
XRP climbed from support at $0.42, stepping above $0.55 during Asia’s business hours on Monday but due to the lack of bullish momentum, the cross-border money remittance token has retraced to trade at $0.52 at the time of writing.
Immediate support is provided by the 200-day Exponential Moving Average (EMA) (purple) but with the Moving Average Convergence Divergence (MACD) showing a vivid sell signal, losses below $0.50 are the most likely outcome.
Despite the glaring possibility of further dips, bulls have another opportunity to push for gains with the ascending trendline acting as the springboard. Investors should consider booking profits as XRP recovers, starting with the move to $0.6 and $0.8, respectively.
A break above the psychological resistance at $1 would mean that XRP is in the process of validating a bull run.
On the downside, if losses extend below the trendline and consequently $0.50, XRP could get caught up in another sell-off to $0.42, $0.36, and $0.30.