Is Selling XRP Early a Mistake? Top Expert Compares XRP Price to Nvidia Stock

Sahil Mahadik
Updated
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XRP Price Rally to $2 As Paul Atkins Leads to Replace US SEC Chair Gary Gensler

Highlights

  • XRP price experienced a sharp 23.7% drop amid geopolitical tensions and the SEC’s ongoing appeal against Ripple’s $125 million fine
  • The $0.5 could replenish the exhausted bullish momentum in XRP for the next leap.
  • A potential bearish crossover between 20-and-500-day EMA could drive prolonged action.

On Friday, the crypto market witnessed an ease from the week-long selling pressure triggered mainly by geopolitical tension in the Middle East. As Bitcoin holds $60000 support, most major altcoins, including XRP, rebound for a fresh price rally. Will the reversal develop into a sustained recovery, like Nvidia stock or selling while waiting for a counterattack?

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Is Selling XRP Price Too Soon a Mistake? Expert Draws Parallels with Nvidia’s Stock Surge

This week, the XRP price witnessed a notable correction from a $0.665 to a $0.506 low on Thursday, accounting for a 23.7% low. The sharp correction can be attributed to the ongoing conflict between Israel and Iran and the U.S. Sec appeal against a previous ruling that fined Ripple $125 million.

Continuing the legal battle could again stall the Ripple price recovery and prolong the current consolation. Despite market uncertainty, renowned trader EGRAG recently shared his optimistic view on XRP.

The tweet showcases Nvidia’s stock price chart, emphasizing Cathie Wood’s sell-off of the asset just before a major bull run. The rising demand for AI has significantly boosted the value of Nvidia’s shares, making the timing of the sell-off notable.

With the XRP price trapped in long consolidation, a potential rally could push a major uptrend.

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Ripple Eyes 14% Surge as Price Holds Above Crucial $0.5 Support

With an intraday gain of 2%, the XRP price attempts to sustain psychological support above $0.5. The level stands as a crucial accumulation for buyers, as the prior retest drove a 33% surge in September. 

Therefore, the XRP price reversal from $0.5 could signal the acceleration of the bullish momentum and lead to a 14% surge to challenge the long-coming resistance of the triangle pattern. The potential rally will reclaim the daily Exponential Moving Average (20, 50, 100, 200), bolstering buyers with suitable support.

BINANCE:XRPUSDT Chart Image by sahilmahadik07

On the contrary, if XRP breaks below $0.5 support, the selling pressure would intensify and plunge the asset to $0.45 or $0.4

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Frequently Asked Questions (FAQs)

1. How does Nvidia's stock relate to XRP's price movement?

Expert comparisons highlight Nvidia's major bull run after Cathie Wood’s sell-off, suggesting a similar potential for XRP to rally despite recent corrections.

2. What impact could the $0.5 support level have on XRP's price?

The $0.5 level serves as a crucial psychological support for XRP, potentially replenishing bullish momentum and leading to a 14% surge if buyers can hold the level.

3. Is Selling XRP Early a Strategic Error?

Selling XRP early might be a mistake, as experts compare its potential rally to Nvidia’s post-sell-off surge. Holding at the crucial $0.5 support could lead to a 14% gain, signaling a bullish reversal
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.