Ripple (XRP), which managed to rise above $1 after three years, may have to consolidate its position in the coming days.
XRP, one of the crypto industry’s most popular altcoins, went above $1 for the first time since 2021. The November 16 surge created excitement among crypto investors. Many investors speculated that XRP would reach $10.
In its analysis of XRP, AMBCrypto claimed that the upward cycle may be over. “The real test is coming now” The analysis under the heading touched upon the supply of circulation and the meme coin craze.
Can Ripple (XRP) Continue Its Rise?
According to AMBCrypto’s XRP analysis, the bulls will need to protect the $1 level as a support point. If this level is broken, the price can fall sharply.
The analysis included the following statements:
“While the outlook for XRP is promising, the price needs to stabilize. “One should be patient and cautious.”
The analysis highlighted that the biggest obstacle to the rise of XRP is memecoins. With each boom cycle, memecoins outperform major altcoins as they attract new investors. Memecoins are consistently among the fastest growing altcoins of the day.
Stating that XRP will have a tough fight, the analysis noted the following;
“Given market sentiment, XRP may have to wait a little longer to reach $2.”
It has been claimed that short-term traders may start selling profits in XRP and a decline may occur if the momentum cannot be maintained.
Turning point for XRP
According to XRP Ledger data, the supply of XRP increased steadily at the beginning of this month. XRP supply on major exchanges increased to 3.273 billion XRP from 3.105 billion XRP in the past two weeks. An increase in supply of around 5.41% means selling pressure for the popular altcoin.
Stating that XRP slowed down after crossing $1, AMBCrypto said;
“The data suggests that investors who are wary of Bitcoin entering risky territory are strategically moving away from riskier assets.”
According to the analysis, if the XRP price holds $1, an increase towards $1.15 can be seen. This increase can occur when profit selling dissolves in the $1 area. As a matter of fact, if XRP can regain the $1.15 level, it could touch its all-time high of $1.2698.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
