Despite market corrections in September, XRP has shown resilience. The price has risen since mid-September and is stabilizing after previous volatility. After a dip at the beginning of the month, XRP traded between $0.49 and $0.51 before a slight dip again. Since then it has been steadily recovering and gaining strength.
However, the notable dip in the XRP charts indicates a potential trend reversal. This could lead to a devaluation of the currency, testing the trendline before a potential disruption occurs. At the same time, many are hesitant to invest in XRP after the controversy of Ripple not choosing XRP in the liquidity pool. One analyst stood his ground. this is why?
Analyst Maps His Bullish Reasons for XRP Investment
Prominent crypto author Panos Mekras has taken a stand in defense of his investment in XRP, shedding light on what he sees as the intrinsic value of the cryptocurrency. In a recent statement, Mekras pointed out two key factors that underline his bullish view on XRP. First, he highlighted the utility of XRP in the payments landscape, highlighting its efficiency and speed in facilitating transactions. According to him, this characteristic positions XRP as a valuable asset in the world of digital payments.
I like $XRP because of its potential, which is derived from its usefulness and the super-efficient technology on which it is based, the hundreds of builders and projects building cool things and bringing innovations to the ecosystem – not Ripple, their developments/announcements or riddles. https://t.co/JSGs58S79P
— Panos
{X} (@panosmek) September 29, 2023
Second, Mekras praised the technology underlying XRP, the XRP Ledger (XRPL). This decentralized ledger system provides a secure and efficient platform for processing transactions. Its robustness and scalability are features that Mekras believes contribute significantly to XRP’s potential.
Moreover, Mekras expressed his confidence in the strong community that has formed around XRP. He highlighted the numerous developers and projects that are actively contributing to the growth and improvement of the XRP ecosystem. According to him, this collective effort strengthens XRP’s position in the broader cryptocurrency landscape.
These comments were prompted by a critical tweet that accused Ripple, the company closely associated with XRP, of pursuing profit-driven motives at the expense of XRP investors. The critic claimed that Ripple encourages long-term ownership of XRP tokens while allegedly profiting from token sales. This, they suggested, ultimately benefits Ripple executives, allowing them to indulge in extravagant purchases.
In response, Mekras demarcated XRP’s value proposition from Ripple’s business activities. He urged the XRP community to look beyond Ripple and draw confidence from the innovations of the broader ecosystem rather than fixating on Ripple’s specific actions or announcements. This perspective places Mekras firmly in the camp of those who see XRP’s potential as a digital asset that transcends the actions of any single entity.
