Jakarta, Pintu News – The crypto market continues to show volatile dynamics, but the digital currency Ripple (XRP) seems to be in a crucial phase. Salaheddine Bouhmid, head of markets at IG Europe, emphasized that the $2.3 level is an important line of defense for Ripple (XRP) holders. This defense is key to whether there will be a recovery of the momentum that was lost earlier.
According to Salaheddine Bouhmid, the $2.3 level is a crucial threshold for Ripple (XRP) investors. Currently, the buyers have managed to hold the level, but it is still a question of whether they can regain the lost momentum. If this level is maintained, there is great potential for a return to a positive trend in the near future.
Meanwhile, the $2.62 level is identified as a major resistance that must be broken. If the price of Ripple (XRP) manages to cross this resistance, it could be a strong signal for investors to start massive buying. This could end the ongoing negative trend and open up opportunities for higher price gains.
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St. Louis Federal Reserve President Alberto Musalem recently made comments that were bearish towards risky assets, including crypto. He predicted that the US economy will rebound early next year, which means that interest rate cuts are less likely. These comments had a direct impact on the price of Ripple (XRP), which recorded a drop of almost 2%.
Despite pressure from external factors, Ripple (XRP) is showing unique resilience compared to other cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). According to a recent report from CoinShares, Ripple (XRP)-based investment products managed to attract $28.2 million in fund flows, while Bitcoin (BTC) and Ethereum (ETH)-based products experienced fund losses.
Despite facing challenges from various external factors, Ripple (XRP) managed to show impressive resilience. Investment products based on Ripple (XRP) managed to attract $28.2 million in investor funds, a figure that contrasts with the losses experienced by Bitcoin (BTC) and Ethereum (ETH) based products.
This uniqueness suggests that Ripple (XRP) has untapped potential and could be an attractive investment option. With a potential economic rebound and market stabilization, Ripple (XRP) may see a significant increase in value in the near future.
Considering all the factors at play, investors and holders of Ripple (XRP) need to keep a close eye on the critical levels that have been set and stay abreast of global economic developments. Sound investment decisions and careful timing could be the key to capitalizing on the current opportunities in the crypto market.
Also Read: Bitcoin Poised to Surge After US Government Shutdown Deal: History Repeats?
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