XRP’s Lowest Negative Point Is A Good Opportunity For Contrarian Investors: Analyst

Sharing his insights with the crypto community, Ali, a crypto analyst, reported that Santiment’s weighted sentiment metrics for XRP have reached the lowest negative point since mid-May 2023. He further advises that this could be an intriguing signal for contrarian XRP investors, as it presents a unique opportunity in the market.

XRP, according to CoinMarketCap, is currently priced at $0.5739 after experiencing a 2.41% increase in one day. Despite the short-surge observed in 24 hours, XRP is still below its weekly opening market price of $0.6345. It seems that XRP’s weekly performance has pulled it into the red zone after witnessing a 9.54% tumble in seven days, at the reported time.

XRP/USDT 4-Hour Chart (Source: TradingView)

Looking at the above chart, it seems that XRP was heavily affected by the liquidation that happened in the first week of 2024. To be specific, XRP faced an approximately 19.12% negative change on January 3, 2024, making its wick touch the $0.5 barrier. However, the remittance token was able to close its trade around the $0.57 level.

XRP’s fall has caused the Bollinger bands to expand, causing the market to become volatile. However, after a few days of trading, the bands were able to contract in area size, which was influenced by the price correction procedure.

Meanwhile, the RSI indicator suggests that it was able to revert to the neutral zone after XRP touched the oversold region. So far, both indicators advise that XRP is trading sideways between the $0.5800 upper band and $0.5543 lower band. To conclude, Ali’s statements seem to be true, as this could be a good opportunity for buyers to enter the market who have missed their chance of entering the market during the bearish period.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source