At the beginning of September, XRP was 0.3255 cents and it had been stagnant for a few months. As is often the case, if you took your money out recently, you took your money out too soon. It was oversold at 0.3255 cents and did eventually rise.
What was interesting about XRP’s rise during September to 0.5525 cents today is that it happened when Bitcoin and most of the crypto market were in a downtrend. We have not seen Bitcoin’s price rise during the last few weeks when XRP nearly doubled. That goes to show that individual cryptocurrencies can rise and fall and different times compared to Bitcoin.
XRP rose lately on the news that the CDC does not take any view on whether Ripple’s sales are security transactions. But given how speculative the news is surrounding XRP, its potential volatility going forward means if you missed the recent rise, you may want to look elsewhere for the next oversold cryptocurrency and just make sure you don’t sell too soon.
Image credit: Finviz