Wall Street Market Watchers Warns Against Acquiring Ripple Amid Sudden Surge

Wall Street Market Watchers Warns Against Acquiring Ripple Amid Sudden Surge

XRP has gained around 37% in the last two weeks, exhibiting an amazing upward trajectory. The XRP community has been excited by this bullish run, but top Wall Street analysts are warning against getting ahead of themselves and forecasting a drop for the cryptocurrency.

Investigation shows that in the last twenty-four hours, XRP has seen a significant increase that has seen it break above $0.72 for the first time in about four months. This development is linked to the public interest in XRP. Information has it that the Ripple ecosystem has surged in response to Swell, Ripple’s annual conference.

However, market analysts advise caution despite the recent strong trend and upbeat attitude surrounding XRP. The Head of Social Adoption at XRPayNet and Wall Street analyst Linda Jones—has also come out to advise caution when investing in XRP.

Abdulkarim Abdulwahab, a cryptocurrency journalist with The Crypto Basic, said that the world of cryptocurrencies is prone to market corrections, and XRP has experienced moments of extreme volatility similar to other digital assets. Abdulwahab also explained that the likelihood of a downward correction increases as the price of XRP climbs.

XRP Price Decline, Experts Warns, As Whales Move Large Funds

The price of XRP, as of press time, trades at $0.6728, experiencing a 5.17% decrease in the last 24 hours. The market capitalization took the same path, decreasing by over 5% to $36,071,726,627. The trading volume had some losses, too, decreasing by 4.41% to trading a total of $2,740,486,703. The amount of coins in circulation stayed mostly the same, maintaining its 53,615,837,759 XRP position.

In other news, Whale Alert, the popular cryptocurrency influencer on the X platform, has issued an alert on a certain huge XRP transfer to an anonymous wallet. The value of the transfer, according to Whale Alert, is said to be valued at $42,831,410 at the trading price of  $0.7138. The transfer was said to have been made to a Ripple wallet, but the owner remained anonymous.

KingDoggoXRP Advises Cryptocurrency Stakeholders As Ripple Conference Draws Closer

KingDoggoXRP, while stressing the need for traders and investors to put their excitement in check, emphasized a thorough understanding of the market before properly making a financial commitment. KingDoggoXRP warned traders to be wary of FOMO (Fear Of Missing Out), adding that it compels traders to make impulsive financial decisions that often lead to financial drawbacks.

KingDoggoXRP also warned against (what he termed) “chasing candles.” He warned that doing so would easily lead to a loss in trading. He also stated the need to prevent emotions from influencing trader’s purchasing decisions. He recommended being patient and waiting for an opportunity to leverage the market sentiment.

Various factors, including macroeconomic trends, regulatory developments, and technology improvements, impact market dynamics and cryptocurrency valuations was also cited as major contributing factors affecting XRP price movement. However, the most expected Ripple Swell: Ripple Conference has been slated for Dubai on the 8th-9th November.

Information from Ripple invent organizers say that the event will have over 600 professionals in cryptocurrency, Blockchain, finance, banking, and regulatory industries participating. This event has spiked up conversation among many market watchers. Linda Jones, on her X official handle, speculated that a possible price surge in XRP price is likely due to the upcoming event.

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Jesse Rosenbalm
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Jesse Rosenbalm

Jesse Rosenbalm stands out in the crypto journalism realm, seamlessly blending intricate blockchain concepts with accessible prose. Known for his deep dives and accurate forecasting, Jesse's articles are a must-read for both novices and experts. As crypto trends shift, his insightful writings remain a beacon in the digital currency space.

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