Ripple’s XRP is dead money, says analyst Josh Olzewicz
Cryptocurrency analyst Josh Olszewicz recently expressed his doubts about the viability of Ripple's XRP as a profitable trading asset.
Highlighting the cryptocurrency's pure underperformance, Olszewicz labeled it a “dead money” with its price stagnating since 2018.
XRP profit potential is asked
Despite a potential attempt, XRP's activity on March 11 was rejected. The digital currency attempted to cross and break the $0.66 resistance but failed to sustain higher levels due to heavy selling pressure. This decline allowed the price to drop below $0.42, setting up a possible retest of the support level at $0.32.
According to Olszewicz, this XRP trading environment is fraught with problems.
“XRP is at the same price as it has been since 2018… it's literally dead. It's dead money … it doesn't make sense to me why anyone would change it unless they have a good reason,” Olszewicz said.
His analysis shows the bearish trend on the weekly charts and the inconsistency in the daily movements, which further complicates XRP trading.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
If the XRP price can hold at $0.42 and then break the Ichimoku Cloud at $0.87, it may indicate a weak bearish hold. However, such a scenario seems less likely given the current market dynamics.
Olszewicz's view suggests that XRP's price will hover in a narrow range with no significant incentives, making it less attractive to traders looking for big profits.
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