XRP continued to trade sideways towards the weekend following a turbulent week marked by a broad crypto market downturn.
Notably, over the past seven days, the crypto asset has declined nearly 25% amid widespread selling across major digital assets.
Earlier on Friday, Bitcoin slid below $61,000, while Ethereum dropped under $1,900, underscoring the market-wide pressure that influenced XRP’s weekly performance. Daily price swings for XRP ranged from $1.13 to $1.32, reflecting short-term volatility as institutional investors assessed accumulation opportunities.
Amid this decline, Ripple CEO Brad Garlinghouse has expressed optimism for XRP.
“Be fearful when others are greedy, and greedy when others are fearful!” Garlinghouse tweeted Thursday, referencing Warren Buffett’s famous quote.
Notably, he was responding to a social media post highlighting extreme fear indicators in the market. His remarks emphasized a potential “once-in-a-lifetime” buying opportunity for XRP, signaling that current market fear might mask long-term value.
Analysts are echoing Garlinghouse’s cautious optimism. Crypto analytics firm Santiment noted that retail sentiment toward Bitcoin and Ethereum has turned sharply bearish following last week’s crypto-wide pullback.
In contrast, XRP is attracting renewed attention among traders. “Markets often move opposite to retail fear and greed. XRP may be positioned for a short-term relief rally as long as small traders remain skeptical of crypto overall.” Santiment explained.
On-chain data support this perspective, showing that whale and institutional wallets have increased their XRP holdings even as small-trader activity declined, suggesting accumulation by long-term investors.
Technical analysts are also pointing to significant upside potential. On Thursday, Javon Marks shared a TradingView chart applying a measured move pattern, projecting that XRP’s breakout from a descending triangle in late 2024 could target levels above $15 in the next bullish cycle if broader market conditions improve.
Meanwhile, XForceGlobal, a popular Elliott Wave analyst, framed XRP’s recent pullback as part of a larger macro corrective pattern. According to the analyst, the decline represents a C-wave following overextension in wave B. If XRP holds key support between $1.50 and $1.09, the completion of the C-wave could trigger a five-wave upward impulsive move, with long-term targets ranging from $20 to $30.
The analyst emphasized that the rebound potential stems from exhausted sellers and emerging bullish divergences at crucial support zones, rather than XRP simply being “cheap.”
Additional market indicators reinforce the potential for a rebound. Open interest remains elevated, while negative funding rates suggest short positions may be vulnerable to a squeeze.
Rising spot volume and bullish divergences across key timeframes signal growing buying pressure, particularly among institutional investors. These factors, combined with Ripple’s planned XRPL DEX integration for payments, may help XRP recover faster than peers amid the ongoing market downturn.
At press time, XRP was trading at $1.42, up 8.83% in the past 24 hours.
Source: https://zycrypto.com/ripple-ceo-quotes-buffetts-be-greedy-when-others-fear-as-xrp-wavers/
