XRP’s price has barely changed in the last 24 hours, down 0.32% to $2.34. In the last seven days, XRP remains down 2.11%.
XRP fell for four straight days in the week just concluded, reaching a low of $2.18 on Oct. 17 before recovering. The recovery reached a high of $2.39 on Saturday, but bulls could make any significant move.
Amid XRP’s boring price action, Max Avery, in a recent tweet, stated that XRP’s price stability is not a bug, adding that XRP is not designed to pump on retail speculation, being built to slot into existing financial rails without breaking them.
Avery pointed out a historical tendency for XRP, which it exhibited in 2017: XRP hit an all-time high after a significant crash in 2017. “People forget that XRP hit an all-time high right after one of its nastiest crashes in 2017,” He wrote.
Long term matters
Avery noted that XRP gets pulled into the gravity of traditional finance because banks and payment providers need stability to actually adopt it.
“If you’re holding XRP expecting it to move like a memecoin, you’re going to hate the experience. But if you’re betting on the financial infrastructure of tomorrow, the boring price action starts making more sense,” Avery stated.
According to him, the long-term horizon might matter especially when it comes to real assets, with patience paying off in a big way in the long run.
Avery highlighted that the current XRP price action might not be surprising as XRP has “this pattern of bleeding out during speculation frenzies and then catching up hard when nobody’s watching.”
If market recovers in the short term, XRP’s next resistance levels lie at the daily MA 200 and 50 at $2.58 and $2.82, respectively. On the other hand, if the current market weakness continues, XRP eyes support at $2.18 and then $2.
Source: https://u.today/xrp-stability-isnt-a-bug-market-analyst-says-amid-boring-price-action
