After Falling From The Third Spot During Black Thursday; Time to Start Accumulating XRP?
- XRP/BTC showing monthly support and held up during the crash
- Ripple leading C++ software engineer Nik Bougalis advises people to work from home
- Its partner MoneyGram selling all the XRP “as soon as” it receives
XRP is currently recording gains of 3.90% in the past 24 hours while trading at $0.149 but still at fourth place, as per Messari.
The digital lost the third place to Tether (USDT) following the violent sell-off last week that saw XRP falling to $0.11, a level was last seen in May 2017. Meanwhile, the market cap of most of the stablecoin increased, potentially signaling investors piling into cash. But the pain for the digital asset might not be over.
According to a trader with pseudonym Calmly it is time to accumulate XRP as the BTC chart is showing strength. “Begrudgingly, I think it's time to start accumulating Ripple. The XRP / BTC chart looks like an accumulation of monthly support. The bitcoin pair held up during the crash,” said the trader.
— Calmly | full-time trader (@im_calmly) March 16, 2020
XRP Bull Accumulating
XRP enthusiast Rober Art who has 12.9k followers on Twitter believes $0.10 is coming which according to him is a buy the dip opportunity.
As mentioned on numerous occasions, there’s no support at $0.10 for XRP. There was support at $0.13 and it broke. Didn’t hold. Remaining calm, awaiting sub $0.10.
— 🇨🇭Robert Art 🇨🇭 The Wolf of Rekt Street (@RobertArtRobArt) March 16, 2020
Robert Art is all about XRP and Bitcoin as per his bio reads, and he sees XRP at $200 XRP and BTC at 1 million.
The fourth-largest digital asset by market cap of $4.34 billion is down by 96% from its all-time high of $3.92. But according to the XRP bull, it isn't a bear market rather the “start of the accumulation zone” which he has been waiting to buy some dips. His latest buying target has projected the XRP even lower at $0.05.
Work remotely amidst coronavirus scare
The losses in XRP along with the crypto market and stock market and other assets have been due to the rising concerns over the economic impact of the coronavirus (Covid-19) pandemic.
As coronavirus spreads rapidly, cryptographer and leading C++ software engineer at Ripple, Nik Bougalis advised people to work from home.
In a tweet on Monday, Bougalis shared that he has been working remotely for 20 years and is currently leading the team at Ripple.
I think having access to voip is great, but text-based tools (Slack and evening IRC) are more helpful. They allow people to consume content when it’s convenient for them, at the rate that is convenient for them and they are not ephemeral, like voice communications usually are.
— Nik B. (@nbougalis) March 16, 2020
In another news, Ripple partner MoneyGram is selling all the XRP “as soon as” it receives from the San Francisco-based tech company, reported TheBlock. It was recently revealed that MoneyGram received $11.3 million worth of XRP from Ripple and its other major clients like NB Bank and goLance are also receiving incentives from the company.