TL;DR
- Ripple’s XRP dropped to $0.43 on August 5 but rebounded by 15% the following day, surpassing $0.50.
- Some analysts see the correction as an opportunity, with optimism about XRP’s future potential despite recent volatility.
Back on the Green Track
The cryptocurrency sector experienced a severe correction on August 5, which affected Ripple’s XRP. Its price plummeted to a one-month low of $0.43 (per CoinGecko’s data), while its market capitalization dipped below $25 billion.
The landscape looks much different today (August 6), with XRP spiking by 15% and surpassing the psychological level of $0.50.
The latest market crash and the subsequent rebound have caused heated discussions on crypto X. Some industry participants described XRP’s collapse to around $0.43 as a great buying opportunity.
Others depicted important resistance levels that need to be held in order for a “crazy explosion” to occur in the following months. “Remember, these are levels many wanted to buy in,” one X user stated.
CRYPTOWZRD chipped in, too, claiming that XRP closed its latest daily chart “somewhat bearish.” However, they suggested that a bullish daily candle today could make it “a hammer.”
“XRPBTC should take more control soon, I will be looking to get a quick scalp tomorrow from the intraday chart,” the analyst concluded.
The Crash May Have Not Been ‘The End of the World‘
Many analysts touched upon XRP during yesterday’s tumultuous decline. CrediBULL Crypto, for one, claimed that everything is under control as long as the token’s value stays in the $0.39-$0.48 “target zone.“
Moon Lambo and Cryptoinsightuk also gave their two cents. The former maintained that XRP’s dive was “not the end of the world” but “an opportunity.” Cryptoinsightuk believes the substantial correction is “a good first step” that causes interest and “sees a reactionary bounce.“
“I would like to see us move a bit further into the box, I’ll be looking for a slow down, increase in volume (people accumulating) and then bullish divergences before an impulsive next leg… If I am right, of course. I may not be,” the analyst added.
