- XRP’s recent performance is weak, with minimal growth in 24 hours and a 0.95% weekly performance.
- Analyst CoinsKid recommends buying XRP during its “boring” phases.
- A chartist previously identified a bullish triangle pattern in XRP’s history, suggesting a potential target above $100.
Prominent crypto analyst CoinsKid suggests that the current “boring trend” in XRP might be the ideal moment to jump in and buy. This assertion comes on the heels of a lackluster recent performance in the XRP market, which has raised doubts among some investors.
In the last 24 hours, XRP has managed to eke out only a meager 0.54% growth, reflecting the broader trend of stagnation. Its cumulative performance over the past week has stayed almost the same, at just 0.95%. The dwindling trading volume, dropping by 4% over the same period, adds to the overall picture of lethargy.
CoinsKid’s argument hinges on the idea that buying XRP during these seemingly uneventful periods historically leads to substantial gains. To support his case, he shared a Google Trends chart illustrating the decline in investor interest in XRP, only to see it surge again.
Back to boredom #xrp https://t.co/V35iLTMUVG pic.twitter.com/O0PC4l8Rym
— CoinsKid (@Coins_Kid) September 7, 2023
CoinsKid is not the lone voice advocating for XRP’s resurgence. Another analyst points to a compelling technical pattern, a symmetrical triangle formed in XRP’s price history. This pattern, characterized by converging trendlines, suggests the potential for XRP to reach heights above $100. Similar surges in 2014 and 2018 lend credence to this prediction.
What makes this bullish sentiment even more convincing is the evolving landscape of Ripple’s business network and the prospect of adoption by prominent entities, such as the International Monetary Fund (IMF). These factors were absent during XRP’s previous highs, offering a new dimension to the cryptocurrency’s potential trajectory.
