- XRP breaks 13-year record as the altcoin flashes bullish signal.
- At the moment, XRP has never been as oversold as it is now.
- The altcoin prepares to set its final bear market bottom as it loses $1 price value.
The altcoin community has been patiently waiting for bullish momentum to return to the altcoin market. Presently, several bullish altcoin are sitting at critical support zones setting up the perfect picture for a massive upwards price explosion phase. This long-awaited altseason drifts even closer since XRP breaks 13-year record as the altcoin flashes signal for being the most oversold yet.
XRP Breaks 13-Year Record as the Altcoin Flashes Signal
Ripple’s XRP remains one of the most bullish altcoins in the space. Despite its extremely loyal and active community, the asset still faces criticism, leading to it breaking a 13-year record of being the most oversold it has ever been. Indeed, Ripple’s XRP has faced far more challenges than most altcoins in the market and despite its greatest lows in 2014, 2018, 2020, and 2022, the asset seems to be the most oversold it has ever been right now.
As the post above highlights, after 13 years of price history, monthly momentum has reached a new all time low while XRP tests its long term rising base. This, the expert goes on to state, is not an ordinary correction, but rather the deepest structural reset XRP has ever recorded. The real question is what happens when historic oversold conditions meet long term support, can XRP pull off a brutal price surge this year?
A loyal community member goes on to debunk XRP rumors as we can see in the post above. He first mentions how the SEC canceled its August 14 Regulation Crypto meeting due to a scheduling issue. He also draws attention to the 72 million XRP whale story and says that while large-holder balances did go up, it doesn’t prove 72 million was bought on the open market or that those wallets are loading up for some immediate move.
Altcoin XRP Has Never Been This Oversold
In addition, Morgan Stanley showed exposure to several XRP ETFs in its latest 13F. The positions are small compared with the size of the firm, so calling it some massive Wall Street move is a stretch. Meanwhile, the 50 million XRP transfer from a Ripple-linked wallet is real, of which, around 1 million XRP was later moved toward a Binance-linked wallet. Most of the original transfer stayed in the intermediate wallet, indicating nothing was dumped.
Presently, the price of XRP is trading at $0.99 according to CoinMarketcap analytics. This shows that the asset lost its $1 price value and is now trading in red. While this seems like a huge loss, most analysts are turning severely bullish as this aligns with their XRP bottom price setting expectations. Based on their predictions XRP will bottom at $0.87 before surging back up with unreal power.
