Cryptocurrency analyst Josh Olszewicz recently expressed skepticism about Ripple’s XRP’s profitable trading asset viability.
Highlighting the cryptocurrency’s lackluster performance, Olszewicz remarked on its stagnant price since 2018, labeling it “dead money.”
XRP’s Profit Potential Questioned
Despite a potential breakout attempt, XRP’s movement on March 11 was rejected. The digital currency tried to rally and break past the $0.66 resistance but failed to sustain higher levels due to intense selling pressure. This downturn led the price to dip below $0.42, setting the stage for a possible retest of the support level at $0.32.
According to Olszewicz, this trading environment for XRP remains fraught with challenges.
“XRP is at the same price it was since 2018… it’s dead right; it’s dead money… It just doesn’t make any sense to me why anybody would trade it unless they have a reallly good reason,” Olszewicz said.
His analysis highlights a bearish trend on the weekly charts and inconsistency in daily movements, further complicating the trading of XRP.
Read more: Ripple (XRP) Price Prediction 2024 / 2025 / 2030
If XRP’s price does manage to hold at $0.42 and subsequently breaks the Ichimoku Cloud at $0.87, it could indicate a weakening bearish grip. However, such a scenario appears less likely given the current market dynamics.
Olszewicz’s perspective suggests that XRP’s price will likely hover within a narrow range without significant catalysts, making it a less attractive option for traders seeking substantial returns.
The post Analyst Josh Olszewicz Questions Ripple’s XRP as a Profitable Trade appeared first on BeInCrypto.
