XRP Is Reportedly Facing A Pivotal Moment: Investment Vs. Price
XRP did not have a spectacular year price-wise, with the price of the digital asset lagging most of 2019.
But Ripple‘s Brad Garlinghouse said more than once that there are more important things to be taken into consideration besides the price of a digital asset such as use cases, adoption, and the underlying technology.
It’s been revealed that a trader who made headlines for betting an early retirement on XRP said that the crypto could fall as low as $017-$0.18 in the short term.
A bearish scenario for XRP
Eric Choe who ranked first in Texas in the CME’s Group’s annual trading competition in 2016 said back in July that after paying off his debts and saving for emergencies and some real estate he had eventually decided to go all-in on XRP, according to the latest reports coming from the Daily Hodl.
At the moment of writing this article, XRP is trading in the red, and the coin is priced at $0.217766.
Here’s the tweet that he posted:
Bearish scenario for #XRP – we could potentially see $0.17 – $0.18 if we continue getting weak reactions off of these support zones.
For bulls, the level to gain in my opinion is back above $0.26 for me to lean bullish again on a medium time-frame. pic.twitter.com/jBaOEOAzUn
— Eric Choe (@ChoeTrades) December 10, 2019
Choe got some positive feedback after the tweet, but most community members also highlighted the fact that we should not be worried about the price of XRP so much.
Someone said: “I’d like to think it’s going to change direction for the better, but 17c is looking more likely each day. It’s still the wild west, so maybe we’ll get lucky.”
Another Twitter user posted this: “There is room for a reversal down till 0.12695. That’s where if it closes below, then it’s an ugly scenario. That’s where the kill zone ends.”
One follower noted the following: “Forget the chart technicals and think about how many people are lining up to invest in XRP. Exactly.”
And another person said that “XRP isn’t a get rich quick, it’s a long term hold and in 5 years we will be laughing all the way to the bank.”
In other news, the issue of whether XRP is a security or not is still going on, with Ripple defending the digital asset.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.