June 23, 2024

Recent analyses from a prominent crypto pundit, Sommi, reveal how long-term ownership of XRP proves more profitable than active trading. 

Sommi referenced a $100,000 XRP investment in his analyses, which he said is now worth $170,000. The influencer noted that he concluded using an indicator that traders leverage for profitable trading.

Sommi Highlights Major Difference Between HODLing and Trading XRP

The analyst cited the difficulty in predicting which altcoin could surge in price as the risk in speculative trading. Sommi noted that traders require luck, skill, and a bit of gambling to succeed in such predictions. 

Also, Sommi revealed how traders strive to interpret an indicator to outperform the potential gains holders can get through HODLing.

The pundit referred to an interesting case that involved investing in the XRP token with an initial capital of $100,000 in 2018 to support his claims further. According to him, the capital surged significantly to $170,000, indicating a rise of 70%.

However, his analyses also highlighted some possible drawbacks of trading with the indicator he referenced. He noted that traders who used such a strategy would have experienced a significant loss of $24,000 in their investment.

This figure reflects a decrease of 76% from 2018 till the time of analysis.

A close look at Sommi’s analysis revealed that the assessment was based on an older XRP chart. When calculating the number of tokens acquired, the analysis suggested that the initial $100,000 investment yielded 235,620 XRP.

These tokens, valued at $0.4244 each in November 2018, rose to $0.7215 in March 2022, marking a 70% increase in XRP’s value.

Despite a current XRP price of $0.5275, a 26.8% decrease from its March 2022 price of $0.72150, the investment still holds strong, with a current worth exceeding $124,000.

While this analysis presents a strong case for HODLing as a profitable strategy, cryptocurrency market participants must choose strategies that align with their risk tolerance and investment goals.

XRP’s Potential Price Trajectory

XRP has been slightly bullish over the past few weeks. According to the daily price chart, the 50-day and 200-day Moving Averages have created a support level for the token’s price. So, while it’s forming another red candle today, there is a possibility for an upward move over the next 24 hours.

Moving Average Convergence Divergence line sitting above the signal line supports this projection, indicating the presence of buyers in the market. If the buyers press on, XRP could record higher gains before the day ends.

Furthermore, a prominent crypto analyst, Egrag, predicted a possible bullish turn for XRP in an October 5 tweet. In his analysis, Egrag focused on the Volume Profile Visible Range (VPVR) and its vital role in gauging potential resistance levels and projecting future price scenarios.

With the VPVR metric, Egrag drew attention to the Value Area High (VAH) and the Low-Value Area (VAL). These values define the highest and lowest price points within the 70% total value range.

He noted that XRP had broken out from a long-lasted trend line and retested the breakout. Egrag stressed the importance of this breakout, indicating that it positions XRP for a noteworthy upward surge.

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