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XRP Drops 6%, David Gokhshtein Believes It Might Be "Super Undervalued"

Mon, 10/03/2022 - 10:51
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Tomiwabold Olajide
XRP price dipped after bulls met resistance at $0.509 high
XRP Drops 6%, David Gokhshtein Believes It Might Be "Super Undervalued"
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According to CoinMarketCap data, XRP's price is down 6.75% in the last 24 hours at a current price of $0.443. The XRP price dipped after bulls met resistance at the $0.509 high on Sept. 29. Following this, XRP might be set to mark its fourth consecutive day of losses unless a turnaround occurs.

Amid XRP's price action in the last three days, founder of Gokhshtein Media and crypto enthusiast David Gokhshtein says he is "looking for something that's super undervalued and thus is considering putting $1000 into XRP."

As reported by U.Today, Gokhshtein often stressed the importance of Ripple possibly winning against the SEC in court. He also stated that he was considering adding more coins to the bags of XRP he was holding already. This is because he often feels like buying more XRP before its price explodes.

Finally, it seems as though Gokhshtein has fulfilled his promise, as the recent tweet suggests.

XRP price action

XRP rebounded off $0.43 on Sept. 28, suggesting a switch in sentiment to buying on dips. The XRP price rally stalled at the $0.509 mark on Sept. 29 after meeting resistance above this level. Exhaustion combined with bearish market conditions pushed the XRP price down again, and it made a retest of the key support of $0.43 on Oct. 3.

XRP Trading Volumes Suddenly Up 542%, What's Happening?

If bulls make any key attempt from the $0.43 level as seen in previous times, another attempt to rally could propel XRP's price up by 7% to $0.468. However, bears are unlikely to give up as they will try to stall the recovery in the $0.48 to $0.509 region.

In a highly positive scenario, the XRP price might retest the $0.558 hurdle. XRP presently trades in a triangle pattern, which represents a period of consolidation before the price might break out or break down. A break below $0.321 might invalidate the positive scenario for the XRP price.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.