Ben Armstrong, a well-known crypto analyst and YouTuber has recently offered an intriguing perspective on XRP’s current trading value.
XRP, a token closely watched in the crypto community, particularly after its legal battle with the US Securities and Exchange Commission (SEC), currently trades at around $0.60. While this figure might not represent an all-time high, Armstrong highlights why this price point might be pivotal for XRP.
## The Bigger Picture: Institutional Interest And Market Dynamics
Armstrong’s analysis begins with the “adamantium” support level of $0.60 for XRP. Drawing an analogy with the fictional character Wolverine, who famously recovers from severe damage, Armstrong sees XRP’s resilience at this price as a sign of robustness.
Each time XRP’s value dips, it seemingly rebounds from this critical support level, suggesting a strong market faith in the token.
Armstrong goes beyond price analysis to consider broader market dynamics in his video. He notes that XRP’s previously traded price level of $0.62 has become particularly attractive to institutional and corporate investors.
[Whale](https://app.santiment.net/charts?settings=%7B%22slug%22%3A%22xrp%22%2C%22ticker%22%3A%22XRP%22%2C%22from%22%3A%222023-02-21T07%3A59%3A59.071Z%22%2C%22to%22%3A%222023-08-21T06%3A59%3A59.071Z%22%7D&widgets=%5B%7B%22widget%22%3A%22HolderDistributionCombinedBalanceWidget%22%2C%22wm%22%3A%5B%22holders_distribution_combined_balance_10M_to_100M%22%2C%22holders_distribution_combined_balance_100M_to_1B%22%2C%22price_usd%22%5D%2C%22whm%22%3A%5B%5D%2C%22wax%22%3A%5B0%2C1%2C2%5D%2C%22wpax%22%3A%5B%5D%2C%22wc%22%3A%5B%22%2368DBF4%22%2C%22%23FFCB47%22%2C%22%230a481b%22%5D%2C%22ws%22%3A%7B%222%22%3A%7B%22node%22%3A%22bar%22%7D%7D%7D%5D) transactions involving substantial quantities of XRP have increased significantly, indicating heightened interest from large-scale investors. This trend aligns with a broader global crypto market cap increase, suggesting ample liquidity for significant investments.
Armstrong also touches upon the strategic aspect of XRP’s price following [Ripple’s legal victory](https://www.newsbtc.com/ripple-2/wall-street-expert-predicts-ripple-ipo-date/) over the [SEC](https://www.newsbtc.com/news/ripple/ripple-vs-sec-epic-battle-unfolds-over-770m-disgorgement-demand/). He posits that a post-verdict price surge might have limited the token’s accessibility to a broader audience.
However, the current steadier [price range](https://www.newsbtc.com/analysis/xrp/ripple-amms-to-xrpl-xrp-price/), a retrace of the previously seen $0.72, allows for a more extensive accumulation of XRP, potentially setting the stage for a bigger [bull run](https://www.newsbtc.com/altcoin/3-altcoins-set-to-skyrocket-in-next-crypto-bull-run-according-to-analyst/).
## XRP Latest Price Action
XRP’s market performance has recently shown a notable decline, with its price falling by over 10% in the past two weeks. At the time of writing, XRP is trading at approximately $0.605, reflecting a 2.3% decrease in the past 24 hours.
XRP price is moving sideways on the 4-hour chart. Source: XRP/USDT on [TradingView.com](https://www.tradingview.com/chart/HSuSIPeM/?symbol=BINANCE%3AXRPUSDT)
Despite a significant bullish trend earlier this year, where it surged by 70.3% year to date, XRP remains substantially lower, down by 82.20%, from its all-time high of $3.40 in 2018.
This downward trend extends beyond just XRP’s price. The past two weeks have also decreased the asset’s daily trading volume, descending from highs of around $2.5 billion early last week to roughly $1.1 billion in the past 24 hours.
This decline in trading volume may signal a decrease in investor interest or market activity surrounding the asset, contributing to its reduced price.
Moreover, the broader crypto market has seen a mix of volatility and bearish trends, which might influence XRP’s performance. So far, [Bitcoin](https://www.newsbtc.com/news/bitcoin/crypto-600-bitcoin-price-surge/) has also declined by 2% in the past 24 hours, resulting in the drawdown of the global crypto market cap of 1.3% over the same period.
Featured image from Unsplash, Chart from TradingView
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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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