A popular pseudonymous cryptocurrency analyst known as “CoinsKid” recently took to X (formerly known as Twitter) to suggest that the current unexciting market behavior of XRP presents an optimal buying opportunity.
At the time of writing, XRP is trading at around $0.502, up 0.19% and 0.75% in the past 24-hour and 7-day periods, respectively.
CoinsKid backed his assertion by sharing a Google Trends chart that shows a decline in investor interest in XRP. According to the analyst, this low level of interest is reminiscent of previous periods when the asset was “boring,” and he advises market participants to “Buy XRP when it’s boring, sell when it’s not.”
This perspective aligns with his previous analysis from late July 2023, where he discussed XRP’s strong performance through the lens of Elliott Wave Theory. According to this theory, markets move in a series of five waves in the direction of the main trend, followed by three corrective waves. CoinsKid pointed out that XRP had completed such a five-wave move, reaching his target of 82 cents.
Drawing on XRP’s historical performance, particularly in 2020, CoinsKid suggested that a similar pattern could be unfolding. He anticipated an ABC correction for XRP, advising investors to buy during these corrections rather than during significant upswings. He termed this strategy as “buying the blood,” emphasizing that these pullbacks offer opportunities to buy at lower prices before the next upward move.
In terms of future prospects, CoinsKid indicated that the next wave for XRP could be a wave three, typically the most potent wave in an Elliott Wave sequence. He also mentioned specific price targets, stating that if XRP could break its previous highs, it might reach up to $6 by the end of the year. However, he cautioned that market movements are highly dependent on various factors, including the performance of other markets like the DXY (US Dollar Index).
Featured Image via Unsplash