Analyst Warns Against XRP Purchases, Labels Traders as “Emotional FOMO Buyers”
Despite the recent increase in XRP’s price, some analysts are advising traders to steer clear of the asset. One such analyst is IncomeSharks, who took to Twitter to issue a warning. IncomeSharks reminded traders that they had the opportunity to enter the XRP ecosystem over the past 15 months when the price was between $0.30 and $0.60. The analyst argued that those who are now jumping on the bandwagon could be classified as “emotional FOMO buyers.”
“Promise yourself this cycle you won’t trade $XRP if you like making money. There were 15 months you had a chance to buy and hold if you liked this coin. Buying here on this candle is what separates traders from emotional FOMO buyers,” the analyst stated.
XRP’s Recent Surge
XRP has been experiencing a surge in price, aligning with the broader cryptocurrency market rally. On October 24, XRP surpassed the $0.58 level, reaching a two-month peak. This surge can be attributed to Ripple’s recent victories against the US Securities and Exchange Commission (SEC). Ripple has secured three crucial partial court victories, giving the company a significant advantage in the ongoing lawsuit.
If the lengthy legal battle concludes favorably for Ripple in the spring of 2024, it could trigger another rally for XRP. For those interested in the coin’s short-term trajectory, a recent video provides further insights:
Video: XRP’s Short-Term Potential
Note: The video link provided is for informational purposes only and does not endorse any specific trading decisions.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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