One of the leading names in the crypto analytics industry, Michael van de Poppe, recently shed some light on XRP’s price movements. Known for his crypto observations, his latest tweet has sparked conversations in the crypto community, especially regarding Ripple’s native cryptocurrency, XRP.
In his most recent analysis, van de Poppe indicated that XRP’s price movement is now at a critical juncture.
XRP enters the ‘area of interest’
Specifically, according to Michael van de Poppe’s tweet, XRP is currently moving into what he calls an “area of interest” on the weekly chart. This essentially points to potential pivotal moments in the coin’s price trajectory that could be important for traders.
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Are $XRP moving into the area of interest.
Just being able to buy the dip. pic.twitter.com/mBc71YtC2j
— Michael van de Poppe (@CryptoMichNL) August 7, 2023
Based on his analysis, XRP’s current position may soon pave the way for favorable long-term entry in line with the coming market cycle. He expanded on this, advising traders to remain vigilant and consider buying into the dip in the coming weeks.
This comes at a time when the price of XRP has dropped more than 10% in the past two weeks, a move heavily influenced by developments with the Securities and Exchange Commission (SEC). As recent data shows, the altcoin experienced a 10.8% decline over the past seven days, pushing its trade value above $0.6.
Understand the factors behind the dip
So, what caused this drop in the value of XRP? Van de Poppe’s analysis offers perspective. He emphasizes that the significant price drop that XRP has experienced over the past month is largely attributed to long-term holders. Witnessing the rise or “heavy boost” in the price of XRP, these holders saw it as an opportune time to unburden their holdings.
In addition, another noteworthy observation from van de Poppe is the current “lack of interest” in the cryptocurrency markets. This diminished interest, the analyst says, is responsible for more pronounced price corrections compared to what is usually seen during bull market cycles.
Such market sentiment can have a significant impact on how cryptocurrencies, including XRP, perform and are perceived by potential investors.
In the past 24 hours, XRP has seen a slight drop of 0.5%. This price action has resulted in the altcoin currently trading at a price of $0.61 at the time of writing. Notably, in addition to value, the asset’s market cap has also fallen significantly over the past week by more than $4 billion.
XRP’s market cap is currently valued at $32.5 billion as of today, a loss of nearly $4 billion compared to last Tuesday’s value of $36.3 billion.
Featured image from iStock, chart from TradingView