- Linda P. Jones reminded investors to focus on XRP’s underlying value and not just its price.
- The author’s tweet follows the latest cryptocurrency market crash this week.
- Technical indicators suggested that XRP’s price may weaken against the Dollar in the coming 48 hours.
The international best seller Linda P. Jones stated that investors and traders should not focus all their attention on price when investing in cryptocurrencies but should rather pick projects with intrinsic value. More specifically, the author mentioned that Ripple (XRP) is one such cryptocurrency with a high underlying value.
This was in response to the latest cryptocurrency market crash which saw the majority of prices, including that of XRP, nosedive throughout the past week. Due to the latest market dip, the remittance token has lost almost all of its gains that it had recorded post the ruling in the SEC case.
At press time, CoinMarketCap indicated that the altcoin was changing hands at $0.5057. This was after the altcoin was able to achieve a 0.46% gain over the past 24 hours. Despite the positive daily performance, XRP’s weekly performance remained in the red zone at -19.66%.
From a technical perspective, XRP had been in a consolidation phase for the last 3 days between $0.4715 and $0.5380. Notably, this is the same range that XRP had found itself in before the historic SEC ruling. Furthermore, technical indicators showed that short-term momentum was in favor of sellers.
At press time, the 9-day EMA line was positioned below the 20-day EMA line. Subsequently, the price of XRP may be at risk of challenging the $0.4715 support level in the next 24-48 hours. A break below this price point will most likely result in the altcoin testing the $0.4090 support in the following few days as well.
Meanwhile, XRP was trading at the lower level of the Bollinger Bands (BBANDS) indicator. As a result, the cryptocurrency may look to recover back within the technical indicator’s barriers in the upcoming week. In this scenario, it may retest the $0.5380 resistance before embarking on a journey to the $0.5890 threshold.
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