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- Ben Armstrong believes that XRP “cooling off” after the SEC case might have been the best thing to happen to the token.
- Although XRP is not trading at its highest, Armstrong believes this allows traders and corporate investors to stock up on the token.
- At press time, XRP was worth $0.6086 after its price dipped 1.51%.
Well-known YouTuber and cryptocurrency analyst Ben Armstrong told the Ripple (XRP) community to get ready to go to the moon in one of his latest videos. The analyst also stated that the heat surrounding XRP and its price “cooling off” after it bested the SEC could actually be a great thing.
Armstrong pointed out in the first portion of the video that the price of XRP is trading at or close to $0.62. According to the analyst, the current trading price of XRP in itself is not necessarily an “important” number for the remittance token, but $0.60 is.
In fact, the analyst referred to $0.60 as the “adamantium” support. This refers to the Wolverine character in movies who comes back to life after he was killed. In this case, Wolverine is XRP bouncing back from this very strong support every time its price takes a dive.
$0.62 is also not the best price XRP has traded at, but Armstrong believes that this is what is currently attracting the attention of institutional and corporate investors. About $20 million XRP has been added to the portfolios of whales recently, according to the YouTuber, likely because they are stocking up on XRP at its affordable price after it dropped from $0.72.
Armstrong also believes the increase in the global market cap is a good sign for XRP as it suggests there is a lot of money in the cryptocurrency market at the moment. This allows large investors to scoop up coins, like XRP. This is evident in the very large size of some of the most recent XRP whale transactions.
Lastly, Armstrong shared that he thought it was best for Ripple to cool down a bit after winning its case against the SEC. If the price of XRP skyrocketed after the court’s favorable decision, the number of people who could afford to stock up on the token before the next bull cycle would have been much less than it is now that XRP is trading at just above $0.60.
XRP / Tether US 1D (Source: TradingView)
Data from the market tracking website CoinMarketCap indicated that XRP’s price took a 1.51% dip over the past 24 hours. This meant that the altcoin was worth about $0.6086 at press time.
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