Matthew Dixon, CEO of Evai recently shared his thoughts on market sentiment on social media platform
Dixon has acknowledged the possibility of a future price increase, but also expresses caution and has chosen to remain alert until “overhead resistance is convincingly broken.”
According to the analyst, the price of $0.508 seems to be a decisive level for the leading cryptocurrency.
The notable rise of XRP
As U.Today reported, XRP recently saw a notable increase in its value. The Ripple-affiliated token is currently priced at approximately $0.53, maintaining its fifth place on CoinMarketCap.
With an impressive market capitalization of $28.4 billion and 24-hour trading volume reaching $1.6 billion, XRP has certainly caught the attention of the crypto community. However, it remains to be seen whether this momentum is sustainable or not. The $0.51 level appears to be key for XRP holders.
A triumph that flees
The price of XRP rose following the SEC ruling in July, but the bullish momentum was short-lived. XRP saw a significant pullback in prices after the favorable ruling. As U.Today reported, the Ripple-affiliated token has lost almost all of the gains it acquired after the favorable outcome for Ripple Labs, and its price fell below 50 cents.
This drop was reflected in the overall market slowdown, with major players like Bitcoin also experiencing a price drop.
However, it is worth noting that XRP is currently outperforming Bitcoin and other major cryptocurrencies.
