- Michael van de Poppe tweeted yesterday that XRP erased the losses of 15 months in just 24 hours.
- The analyst predicted that the long-term outlook for XRP may be positive.
- At press time, XRP was trading at $0.7065 after its price fell 0.51% over the past 24 hours.
The renowned trader and analyst, Michael van de Poppe, praised the price performance of Ripple (XRP) following the positive outcome of its SEC lawsuit. In the post, the analyst revealed that the remittance token was able to erase losses of 15 months in just 24 hours after the verdict in what he calls a “bull breakout”.
Additionally, van de Poppe suggested that investors should allocate their capital wisely in the future, implement a dollar cost averaging (DCA) approach, and not be influenced by friends and social media. He concluded the tweet by sharing that a long-term outlook will be key and investors should just hold onto their XRP holdings.
At press time, the cryptocurrency was trading at $0.7065 according to CoinMarketCap. This was after the altcoin printed a 24-hour loss of 0.51%, which also pushed its weekly performance further into the red zone to -3.13%.
In addition to weakening against the Dollar, XRP was also outperformed by the two market leaders Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours. At press time, XRP was down 0.53% and 0.52% against BTC and ETH respectively. This meant that 1 XRP was worth 0.00002401 BTC and 0.0003787 ETH.
On 13 July 2023 Ripple’s multi-year lawsuit with the SEC concluded and it was ruled that XRP is not a security. This resulted in a 70+% rally in the 24 hours that followed. During this period, the altcoin’s price climbed from a low of $0.4695 to a high of $0.9380, flipping the resistance level at $0.6851 into support as well. It then closed the daily candle at $0.8153.
Traders continued to take profit on 14 July 2023 and pushed the remittance token’s price back below the key level at $0.7660. Sellers then attempted to push XRP below the recently-flipped $0.6851 mark, but bulls defended the support.and persisted to boost XRP’s price to just above the $0.8445 resistance. However, XRP was unable to close a daily candle above this point.
The rejection from $0.8445 saw XRP decline in the following couple of days – breaking below $0.7660 once again. Over the past week, XRP has been in a consolidation phase between $0.6851 and $0.7660, where it continued to trade at press time.
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