Ripple ($XRP ), which managed to rise above $ 1 after three years, may have to consolidate its current position.
One of the most popular altcoins in the crypto industry, #XRP , rose above $ 1 for the first time since 2021. The rise that took place on November 16 created excitement among crypto investors. Many investors made daily speculations that XRP would reach 10.
AMBCrypto suggested in its XRP analysis that the distribution may end. The analysis titled “The real test is coming now” touched on the circulating supply and the memecoin craze.
Can Ripple (XRP) continue its rise?
According to the XRP analysis prepared by AMBCrypto, the bulls will need to maintain the support point at $ 1. If this level is lost, there may be a sharp decline in the price.
The following statements were included in the analysis;
“Although the outlook in XRP is promising, the price needs to consolidate its place. It should be patient and careful.”
The analysis emphasized that one of the major obstacles to the rise of XRP is memecoins. In every rise theory, memecoins that attract new investors are ahead of major altcoins. Memecoins are among the altcoins that have risen the most in a day.
Analyzing that a major struggle is growing for XRP, he noted the following;
“Considering the market development, it is possible that XRP will wait a little longer to reach 2.”
It was suggested that short-term traders in XRP may start taking profits and that a decline may be seen if the momentum cannot be maintained.
A critical turning point for XRP
According to XRP Ledger results, the supply of XRP increased somewhat at the beginning of this month. The supply of XRP on central exchanges increased from 3.105 billion XRP to 3.273 billion XRP in the last two weeks. The supply increase of close to 5.41 percent means selling pressure for the popular altcoin.
AMBCrypto said XRP slowed down after exceeding $1
“Data shows that Bitcoin is wary of a regional entry, moving away from more assets as a book.”
According to the analysis, if the XRP price holds in 1 direction, an increase in the direction of 1.15 can be seen. The profit in question can be realized by melting the profit sales in the $1 region. In fact, if XRP can recover at $1.15, it can touch the all-time high of 1.2698.
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