TL;DR
- IncomeSharks warns against current XRP purchases, labeling potential traders as “emotional FOMO buyers.”
- XRP peaked above $0.58 on October 24 amid a broader crypto rally.
- Ripple’s multiple partial wins against the US SEC could be influencing XRP’s price, with a pivotal 2024 trial ahead.
‘Emotional FOMO Buyers’ Could Now Pop up
Despite XRP’s recent price increase, some analysts believe traders who wish to make money should refrain from dealing with the asset. One such person is the X (Twitter) user IncomeSharks.
They warned traders to stay away from XRP now, reminding those participants had the chance to dive into the ecosystem in the past 15 months when the price was hovering between $0.30 and $0.60. IncomeSharks also argued that those who are about to hop 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
Ripple’s native token has been at the forefront of the broad cryptocurrency market rally lately. Its price surpassed the $0.58 level on October 24, hitting a two-month peak.
Apart from following the green wave in the sector, XRP’s explosion could be attributed to Ripple’s winning streak against the US Securities and Exchange Commission (SEC). The company has so far secured three vital partial court victories, giving it a major hand in the lawsuit.
A favorable outcome of the lengthy battle in the spring of 2024 could prompt an additional XRP rally. Those more interested in the coin’s short-term possible trajectory could take a look at one of our latest videos below:
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